WEB DESK: The federal government has now established a dedicated Minerals Division to attract local and foreign investment in a very organised way for mineral exploration, regulation, and development.
Formation of inter-provincial committee
Prime Minister Shehbaz Sharif will now constitute an Inter-Provincial Committee (IPC), to draw terms of reference for the new division. The committee is headed by Federal Minister for Law and Justice Azam Nazir Tarar. Other members are Federal Minister for Investment Bilal Azhar Kayani, senior officials and private sector experts.
The IPC will develop the goal-oriented, functionally defined and structurally defined features of the division, which will facilitate launching the first phase of investment projects in the mineral sector. The recommendations from the committee are to be submitted to the Prime Minister by mid-January 2025.
At the recent Executive Committee Meeting of the Special Investment Facilitation Council (SIFC), the Secretary of Petroleum has stated the progress in legal and regulatory alignment within the petroleum sector, some of the major initiatives being:
- Mines & Minerals Act 2025, National Mineral Development Policy Final drafts are due by February 28, 2025.
- Mines Health & Safety Act 2025: This would come into effect by replacing the 1931 Act by June 30, 2025.
- President of the Prime minister around mid-January scheduled for the presentation on these reforms.
Focus on strategic projects
The 10th meeting of the SIFC Implementation Committee will be held on January 2, 2025, for reviewing the development of high-impact mineral projects:
- Pink-salt Project: Joint venture PMDC and SSCI (USA) feasibility studies.
- Soda Ash Project : Development on 294 acres in Khewra.
- Chiniot Iron Ore Project: Study of feasibility for a steel mill
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