Saindak Copper Gold Project

Gold MineInfo Saindak Copper-Gold Project 
Location
Location Saindak, Chagai District
Balochistan
Country Pakistan
Production
Products Copper, Gold, Silver
History
Opened 1995
Owner
Company Metallurgical Corporation of China Ltd.
Saindak Metals Ltd.
Saindak Copper-Gold Mine is located close to Saindak city in Chagai District of Balochistan, Pakistan. The discovery of copper deposits at Saindak was made within the Nineteen Seventies together with a Chinese engineering firm. The Saindak Copper-Gold Project was set up by Saindak Metals Ltd, a company fully owned by the govt of Asian country, by the end of 1995 at a price of PKR 13.5 billion.

Pakistan and China signed a formal contract price $350 million for development of Saindak Copper-Gold mine. The mine was leased for a 10-year amount to science Corporation of China Ltd. (MCC), a subsidiary of the China Metallurgicalcluster Corporation.






HistoryTrial production at the Saindak Copper-Gold project started in 1995 with commitment of funding from the Government of Pakistan. The four-month trial operation had a monthly production rate of 1700 tonnes of copper, 6000 oz of gold, 12000 oz. of silver. A 50MW power plant was constructed at Saindak with aid grants from FRG and France. German and French aid grants and the Balochistan government also funded the majority water system system of thirty two,000 tonnes of daily drinking water, water treatment plant, warehouse, workshops, laboratories, storage, airport and railroad link with ECO main road. The Balochistan government also endowed funds in building a administrative district with colleges, hospitals, shopping plazas, streets, lighting and water pipelines for over 2000 residents.

After the construction of the infrastructure and also the experimentation, the project was to be operated by Saindak Metals Ltd, a company owned by the Pakistan government. The federal government was to supply funding for operations of the mine through Saindak Metals. Proceeds from the mine were then to be split between the provincial government of Balochistan and the central of Pakistan. However, the PKR 17 Billion needed to begin operationsweren't received thanks to political wrangle and officialdom delays.[1] As a result, after the 1995 trial run, the project faltered for a number of years.

In 2002, the Government of Pakistan invited foreign investors to supply funding for the project. The Pakistan government awarded the mining project to the science Corporation of China (MCC) Ltd beneath a 10-year lease due to expire in Gregorian calendar month 2012. MCC is a subsidiary of the Chinese government owned company, China Metallurgical cluster Corporation. Under the terms of the deal, MCC paid an annual rent of $500,000 for the mine to the Government of Pakistan.

As per the Aghaz-e-Haqooq-e-Balochistan package, the federal government agreed to transfer a majority of its holdings in Saindak Metals Ltd to the provincial government. The Balochistan government would then receive 35% of the takings from the mine. However, this transfer of shares was stalled when the central demanded that Saindak Metals 1st repay PKR twenty nine Billion to the federal government that the govt. had endowed in Saindak Metals. The company repaid PKR 6 billion to the central then again ran out of funds. So it offered the federal government an extra two hundredth stake within the company (for another 100% of takings from the mine) in part of the remaining loan quantity. However, the Pakistan government has refused to transfer the shares in the company to the Balochistan government.

Another cause for concern for the provincial government has been over mining of resources from Saindak. With MCC mining more ore from the mine than originally calculable, Balochistan was concerned that there would be fewer years of life in the mine once it receives possession.


Mine Stats 


The Saindak mine was evaluated to have metal stores of 412 million tons containing all things considered 0.5 gram of gold for every ton and 1.5 grams of silver for every ton. As indicated by authority appraises, the task has the ability to create 15,800 ton of rankle copper every year, containing 1.5 ton of gold and 2.8 ton of silver.

History