ISLAMABAD, Sep 20 (APP): Sino-Sindh Resources, a local subsidiary of Global Mining Company is investing in Thar Coal Block-1 for coal mining and power generation of 900 Mega Watt (MW). Chairman Board of Investment (BoI) Saleem H. Mandviwala informed after a meeting with a six member delegation of Global Mining Company led by Liyuang Liu here on Tuesday.
The Chairman BOI informed that Global Mining Company had also signed an MoU with government of Sindh for the project and the company plans to invest US $ 4.5 billion till 2016.
Saleem Mandviwala appreciated the efforts being made by the company for their investment plans and briefed that in order to market Thar, a comprehensive incentive package has been developed with consultation from all stake holders, which included; 20 per cent IRR to firms 30 years exemption on corporate tax and minimum turnover tax to mine and power plant operators, all custom duties on import of coal mining projects allowed at zero per cent to reduce the initial capital investment, exemption on withholding tax to shareholder on dividend for initial 30 years, project construction and operations to reduce the initial capital investment.
He further said that Thar Coal field would also be declared as Special Economic Zone which will bring further advantages and incentives to the company.
Mr. Liyuang Liu, Chairman of the company informed that they will complete feasibility study during six months and mining would be started in April, 2012.
He also said that a Sino-Pak friendship has become an example for the world and “we are standing side by side with the people to Pakistan to overcome the shortfall of power in Pakistan”.
The delegates informed that Global Mining Company also intends to invest in infrastructure & construction such as transmission line, road network, communication etc.
The Chairman, BOI assured the delegates of all possible support from Board of Investment and the government for their projects in Pakistan.
Jay, Q Liang-vice Chairman, Peter Zoe, Executive Director, Jian Zhao Geologist Abdul Qayoum Director, Athar Naseem Shaikh of the company and senior officers form BOI were also present in the meeting.
Pakistan
Pakistan, officially the Islamic Republic of Pakistan (Urdu: اسلامی جمہوریۂ پاکِستان) is a sovereign state in South Asia. It has a 1,046-kilometre (650 mi) coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by Afghanistan and Iran in the west,India in the east and China in the far northeast.[7] Tajikistan also lies very close to Pakistan but is separated by the narrow Wakhan Corridor. Strategically, Pakistan is located in a position between the important regions of South Asia, Central Asia and the greater Middle East.[8]
The region forming modern Pakistan was the site of several ancient cultures including theneolithic Mehrgarh and the bronze era Indus Valley Civilisation. Subsequently it was the recipient of Hindu, Persian, Indo-Greek, Islamic, Turco-Mongol, and Sikh cultures through several invasions and/or settlements. As a result the area has remained a part of numerous empires and dynasties including the Indian empires, Persian empires, Arab caliphates, Mongol,Mughal, Sikh and British Empire. Pakistan gained independence from the British Empire in 1947 after a struggle for independence, led by Mohammad Ali Jinnah, that sought the partition of India and the creation of an independent state for the Muslim majority populations of the eastern and western regions of British India.[9] With the adoption of its constitution in 1956, Pakistan became an Islamic republic.[10] In 1971, an armed conflict in East Pakistan resulted in the creation of Bangladesh.[11]
Pakistan is a federal parliamentary republic consisting of four provinces and four federal territories. With over 170 million people, it is the sixth most populous country in the world[2] and has the second largest Muslim population after Indonesia.[12] It is an ethnically andlinguistically diverse country with a similar variation in its geography and wildlife. With a semi-industrialized economy, it is the 27th largest in the world in terms of purchasing power. Since gaining independence, Pakistan's history has been characterised by periods of military rule,political instability and conflicts with neighbouring India. The country faces challenging problems including terrorism, poverty, illiteracy and corruption.
Pakistan has the seventh largest standing armed force and is the only Muslim-majority nation to possess nuclear weapons. It is designated as a major non-NATO ally of the United States and a strategic ally of China.[13][14] It is a founding member of the Organisation of the Islamic Conference (now the Organisation of Islamic Cooperation)[15] and a member of the United Nations,[16] Commonwealth of Nations,[17] Next Eleven economies and the G20 developing nations.
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