90% of company’s shares will be owned by Baluchistan, 10% by federal government
QUETTA,(Parliament Times): A high-level meeting chaired by Baluchistan Chief Minister Jam Kamal Khan on Tuesday after reviewing the issues related to the establishment of the proposed Baluchistan Mineral Exploration Company (BMEC) and gave it a final shape.
The meeting was attended by Provincial Finance Minister Mir Zahoor Ahmed Baledi, Chief Secretary Balochistan Fazil Asghar, Finance Secretary Noorul Haq Baloch and other concerned federal and provincial officials. Participants of the meeting on the occasion agreed to appoint Secretary Minerals and Mineral Development as the interim CEO of the company while keeping the maximum number of members of the company’s board of directors at seven. The meeting agreed to include experts from the minerals sector as BoD members of the BMEC.
The meeting decided that 90% of the shares in the company will be owned by Baluchistan and 10% by the federal government. It was decided that the head office of the company would be set up in Quetta whereas its branch office would be established in the federal capital (Islamabad). The meeting also decided to set up a Chaghi Foundation, which would be accredited with a fair share of the company’s profits. Pertinently, the basic aim and objective of establishing the foundation was to develop the economic and social sector in the district. During the meeting the Department of Minerals and Mineral Development and the Department of Finance authorities were directed to start implementing the decisions taken in the meeting. Addressing the meeting, the Chief Minister said that the establishment of the company would bring improvement and change in the mining sector in Baluchistan and would enable rapid development of the mineral resources of the province on the basis of investor confidence and investment in the minerals sector.
With the establishment of the company, the CM Kamal said that the people of the mineral-rich districts would have access to the best facilities in terms of education, health and daily life. He said that the company would also take steps to provide modern training facilities in the field of minerals to the youth of Baluchistan. He said that the Balochistan government would initially allocate funds for BMEC and the company would also provide a platform to private companies in the province to provide education, health and education to the people of mineral rich districts. The best facilities for daily life will be available, he said, adding that the company will also take steps to provide modern training facilities in the field of minerals to the youth of Balochistan, including the establishment of training centers. The meeting was attended by Finance Minister Mir Zahoor Ahmed Baledi, Chief Secretary Balochistan Fazil Asghar, Finance Secretary Noorul Haq Baloch and other concerned federal and provincial officials Of participation.