Pakistani govt accelerates mining in Chagai after Barrick Gold settlement

MG News | June 09, 2024 at 01:16 PM GMT+05:00

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June 09, 2024 (MLN): To enhance mining activity and spread its economic benefits across the country, the Pakistani government has accelerated mining operations in the Chagai district following an out-of-court settlement with Barrick Gold.

Accordingly, the local government would contribute 50% to the overall project cost, which is $2 billion out of the total $4 billion.

Additionally, the government has established departments in all provinces to speed up the mining of mineral reserves in the country, according to the Information Ministry.

The minerals sector is one of the priority sectors of the Special Investment Facilitation Council (SIFC) and collaborations are being made with local and foreign investors for its promotion.

Moreover, a $1bn mining fund has also been established jointly by Pakistan and Kuwait under the SIFC.

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