KARACHI: The Platinum Mining Company (Pvt) Ltd has signed a monumental joint venture agreement with the Government of Balochistan to develop the country’s first mineral processing project in Quetta.
According to Ismail Suttar, President LCCI represented Platinum Mining Company (Pvt) Ltd in this mutual collaboration with Balochistan Mineral Resource Limited represented by Saeed Sarpara, MD BMRL, to convert raw fluorite ore into acid-grade calcium fluorite that will be sold as a feedstock to many chemical industries established internationally.
The signing of this historic JV was witnessed by the Minister of Mines and Minerals, Umair Hasni.
The LCCI president said that after long and thoughtful brainstorming sessions with both the office teams, we have carefully worded the JV agreement that will be mutually beneficial for the private sector company as well as the Balochistan government and most importantly to benefit the SME sector at large.
Ismail emphasised that we are exporting our raw ore at a bare minimum price that is converted into valuable products like steel, chemicals, and ozone-friendly refrigerants in countries like China, Turkey, USA etc and is re-purchased by Pakistan at extremely high prices.
He stressed that if we wish to straighten our trade balance deficit, we have to start developing value-added products.
After thorough research, PMCL and LCCI established that the average available fluorite resource in the district of Loralai is found to be 1.6 million tons, The company will start its extraction in the region and will convert this available raw ore into acid-grade calcium fluorite in its production facility installed in Hub Balochistan, says Ismail.
He added that BMRL will enjoy a share of 5% of the profits without having to invest in the project. This share is beneficial for the development of the province.
MD BMRL, Saeed Sarpara has declared the JV agreement as the first of its kind that is not only restricted to mining but also explores the avenues of value-addition and has identified this project worth 3 billion rupees while Minister of Mines and Minerals, Umair Hasni congratulated PMC and BMRL and thanked Ismail Suttar for his unwavering support and efforts to develop this precious sector.
The LCCI chief applauded the positive remarks and efforts of the minister for understanding that the development of the province starts from the development of the areas from where the mineral is extracted.
He added that Pakistan is not an export-oriented country at the moment and this JV is a steppingstone that will be a gateway for the establishment of new industries, enhancement of trade value through exports of value-added products and tapping new regional and export markets.
Copyright Business Recorder, 2023
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