LAHORE, Nov 6 (APP): Punjab Minister for Mines &
Minerals, Chaudhry Sher Ali Khan said that important
reforms had been introduced with an aim to increase
investment opportunities and generate more revenues.
Addressing a meeting, he said that reforms would
discourage monopoly factor in the mines leasing process.
Ch. Sher Ali Khan said that mining sector had great
importance in the industrial and financial development
of the province.
“New reserve prices are according to the ground realities
and they will increase the investment in the mining sector”,
he said.
The meeting discussed different proposals to increase
in royalty rates for major minerals and also gave approval
for revision of application fee and rents under small scale
mining.
The minister said that reforms were introduced with
mutual understanding of all the stakeholders.
DG Mines & Minerals Raja Khurram Jehangir, while briefing
the meeting on the occasion said that the tenure of leasing of
the mines had been shortened from previous ten years to 5 years
so as to enable maximum number of people for an open and fair
bidding process for investment in the this sector.
Raja Khurram Jehangir apprised the meeting that 142 blocks
of different minerals escalated from 26 districts of the province
would soon be auctioned according to the new reserve prices.