Pak govt to invite foreign firms for mining sector

Karachi: The government has planned to invite foreign firms for mining and processing minerals to enhance its production for industry and export purposes.

'The country has vast reserves of minerals with over 430 million tons of iron-ore besides huge reserves of copper and gold are also available at Koh-i-Dilal, Ponkit, Pashin, Pharra Koh, Samkoh and other mountainous regions.'

Sources said the mining operation at all reserves is limited and the production of iron-ore is just 50,000 tons owing to lack of resources and unprofessional approaches.

They said that iron-ore is essential for steel making whereas copper is largely used by engineering and electrical industries, hence, the government is inviting foreign firms to expand exploration activities for getting maximum benefits from the available resources. Sources said they expect that the investment by foreign firms in this sector would generate more than 25,000 jobs for skilled and unskilled workers.

They said the sector would not provide fruitful results unless major problems including inappropriate extraction techniques, shortage of professional approaches, substandard finishing of iron, ore and copper and lack of proper transportation are addressed.

Sources said the department has also planned to establish 'model mines' equipped with latest machinery where mining and processing would be exercised under advanced techniques. The 'model mines' could be used as a platform for training quarry masters and also as a demonstration project for the mining and processing industries, they said.

The mining sector is facing huge quarry losses, therefore, the government is inviting foreign firms to introduce modern extraction techniques to control the losses, sources said.