Islamabad, Pakistan: The Federal Cabinet of Pakistan has approved five years extension of the lease contract of Saindak Copper Gold project to Chinese firm, reports Dispatch News Desk (DND) News Agency.
According to an official statement issued at evening, the Prime Minister of Pakistan Shahid Khaqan Abbasi chaired the Federal Cabinet meeting here on Tuesday and Cabinet approved five year extension of the lease of Saindak Copper Gold Project between Saindak Metals Limited and Metallurgical Corporation of China Ltd. (MCC). The existing lease agreement term would expire on October 31, 2017. Now Chinese firm will continue to work till October 30, 2022.
The Federal Cabinet also approved market testing of 5G technology within the regulatory environment and ensure that the new technology is ready of the market.
The Cabinet was informed by Secretary, Power Division that the present government would add more than 11,500 MW electricity into the system by June 2018. More than 6,100 MW had already been added to the system by June 2017. The Cabinet was further informed that by November of this year, load-shedding would be reduced to negligible level. Improvements in transmission and distribution system were also presented to the Cabinet. The Cabinet discussed various issues related to the power sector and appreciated the efforts made by the Ministry of Energy.