Khyber Pakhtunkhwa (K-P) Chief Minister Mahmood Khan has directed the authorities to work out modalities for declaring the mines and minerals sector as an industry in the province.
The establishment of the sector as an industry will not only help in attracting national and international investors but will also help in the value addition of the minerals found in the province.
The decision has been taken while keeping in view the enormous potential of the mines and minerals sector in the province.
He was presiding over a meeting of the Minerals Investment Facilitation Authority (MIFA) on Monday.
Adviser to CM on Minerals Arif Ahmad Zai, Chief Secretary Dr Shehzad Bangash, Additional Chief Secretary Shahab Ali Shah, Secretary Minerals Hamayun Khan and other high-ranking officials attended the meeting.
The chief minister, who also oversees the Mines and Minerals Department, formally approved the granting of 24 mining leases, already approved by the Minerals Titles Committee (MTC), under joint ventures on net profit sharing as per the Khyber Pakhtunkhwa Mines and Minerals Act 2017.
The meeting was informed regarding the enhanced benefits of joint ventures under the act, which include greater revenue generation in lieu of fees, greater investor confidence, industrial development and more job creation due to value addition.
The chief minister directed to undertake steps to ensure that merit and transparency are upheld, in addition to forming a criterion in the award of leases to ensure that minerals mined in K-P receive value addition within the province instead of exporting them elsewhere.
He directed the authorities concerned to work out a mechanism within the next couple of months for the establishment of specific zones aimed at refining minerals to ensure maximum revenue generation.
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