Govt amends mineral laws to generate profit State-run mineral companies can take lease after amendment in lawsw3badmin
ISLAMABAD:Balochistan government has brought changes in mineral laws to transform state-run mineral companies into vibrant and profitable entities, said a senior officer of the Mines and Minerals department.
“The move is meant to clear the path for the Balochistan Minerals Exploration Company (BMEC) and Balochistan Minerals Resource Company Limited (BMRL) to take mining lease in the province,” he said while talking to APP.
The officer maintained the amendment would provide legal cover to both the companies along with an increase in revenue generation in the province.
The official revealed the government has planned to register the companies with the Pakistan Stock Exchange so they could partner with the private organisations for joint ventures in the mineral sector.
The amendment was brought after the cabinet gave a green signal to do changes in mineral laws.
“The provincial government has 90 per cent shares in the companies while the federal government owns 10 per cent of the shares,” said the official, briefing about the ownership of the companies.
He added the mining sector was among the top sectors of the country to boost revenue and the companies were established with an aim to spur growth of the sector by boosting the investors’ confidence.
The official said the companies would ensure well-being of the dwellers of the mineral-rich districts through creation of employment opportunities in the province.
“Another objective of establishing the companies is to impart mining skills to the youth on modern lines through creation of training centres,” he added.
Published in The Express Tribune, September 15th, 2020.