Fluoride reserves are estimated at 16 lakh tons, initially 50 to 60 thousand tons will be produced, Ismail Sattar. Photo: APP
Karachi: The Balochistan government has entered into an agreement with the Platinum Mining Company for a multi-billion rupees fluoride mining project.
The Balochistan government has signed an agreement for a project worth billions of rupees for fluoride mining. Under the agreement, the Balochistan government will get a 5% share in the profits without any investment. A factory will also be set up in Hub district of Balochistan to make it usable in other metals including steel.
In a ceremony held in this regard on Wednesday, Saeed Sarpra, CEO of Balochistan Mineral Resources Limited, a subsidiary of the Department of Minerals, and Ismail Sattar, on behalf of the private company Platinum Mining Company, signed the agreement.
Ismail Sattar, representative of Platinum Mining Company and president of Lasbela Chamber of Commerce, said that the fluoride reserves in the area are estimated at 16 lakh tons, we will initially try to get 50 to 60 thousand tons of fluoride and then gradually. Production will be increased.
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According to CEO of Balochistan Mineral Resources Limited, Saeed Ahmed Sarpara, this is the first joint venture agreement of its kind in which value addition will be done along with mining of minerals, a project worth more than 3 billion rupees.
Under the agreement, fluoride and other minerals will be extracted from the two leases and the Balochistan government will get 5% share of the gross profit from it without any investment, BMRL and the Department of Minerals will get 5% free equity in the profit. It will provide government level support to the private company including approval from relevant institutions.
Saeed Supra said that the Department of Minerals is trying to play a role in using the mineral potential of Balochistan for the development and economic improvement of the country.
Ismail Sattar, president of the Lasbela Chamber of Commerce, said that fluoride does not have that much value and value in the form of raw materials. Industries are being built where fluoride will be processed and converted into acid grade fluoride chemicals.
On this occasion, Advisor to Chief Minister Balochistan for Minerals and Mineral Development Umair Muhammad Hosni said that the team of Minerals Department and BMRL have played an important role in finalizing the agreement.
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