ISLAMABAD: Mian Asad Hayaud Din, Federal Secretary of Petroleum Division, in a meeting with chief secretary, Government of Balochistan handed over the cheque for remittance amounting Rs305.00 million to the Government of Balochistan on account of profit share of Saindak Copper-Gold Project executed by Saindak Metal Company Limited during his visit to Quetta.
Secretary Mines and Minerals Development Department, Government of Balochistan, senior management of SML and senior officials of the Petroleum Division were also present in the meeting.
Saindak Copper-Gold Project, Chagai District - Balochistan is a poineer venture in the metallic minerals sector developed by the Government of Pakistan to produce blister copper alongwith associated gold and silver metals from indigenous ore of Saindak area.
A public limited company Saindak Metals Limited is engaged at managing the Project affairs under administrative control of the Ministry of Energy (Petroleum Division).
The project is providing employment and source of livelihood to thousands of families in a far-flung area and extending civic amenities (free drinking water, power supply, education and health-care facilities), besides generating substantial revenue to the public exchequer ( Provincial and Federal).
In addition to payment of royalty at the prescribed rate and CSR contribution to Provincial Government, SML has also been sharing profit earned from the project with the Government of Balochistan.
The Petroleum Division is committed to ensure smooth and beneficial project operation in the interest of the country and province, particularly the local community in this remote area.
Copyright Business Recorder, 2021