PASDEC Organized Interactive Session – Use & Benefits of Latest Mining Technology

PASDEC Organized Interactive Session – Use & Benefits of Latest Mining Technology

Pakistan Stone Development Company [PASDEC] organized an Interactive Session in collaboration with Mines & Mineral Development Department [MDD] KPK and the State Bank of Pakistan on use & benefits of latest mining technology at Buner – KPK.

Pakistan Stone Development Company (PASDEC), a company established by the Government of Pakistan to demonstrate best international industrial practices in the Stone Industry arranged an “Awareness Session on Use & Benefits of Mechanized Mining” in collaboration of Mines & Mineral Development Department KPK and the State Bank of Pakistan at Buner, KPK.

Speaking at the occasion, Mr. Zahid Maqsood Sheikh, Chief Executive Officer PASDEC informed that Pakistan is blessed with abundance of mineral wealth including Marble and Granite. However, despite being one of the largest range of stone reserves, Pakistan’s stone industry hasn’t been able to recognize its true economic potential yet. Scarcity of mechanized mining, updated processing technology and negligible access to finance has resulted in poor quality and losses to the industry. He further said that mines being operated on obsolete methods of mining, primarily blasting, end up losing 70% of its resources as compared to maximum loss of 45% considered as an international benchmark. He emphasized that it is time to concentrate on exports of value added products while ensuring minimum wastage of natural resource by adopting mechanized methods of Mining.
He further claimed that modern methods in mining can not only save wastage of natural resources, enhance national exports but also ensure poverty-alleviation, prosperity and socio-economic development in the less developed areas of the Country.

While speaking, Mr. Naimat Ullah Khan [Director, Board of Directors PASDEC] highlighted the potential of sector and informed the participants that there are approximately 300 billion tons of Marble & Granite reserves present in the country and that 4,000 SMEs are working in the sector which lack necessary support of the financial institutions. He said that lack of access to finance is one of the major reasons that the sector is still underdeveloped and is unable to tap the international market. He urged the banks the need of accessing value of marble and granite leases and stock in hand as collateral for extending credit facilities to the sector.

Mr. Kamran Khan representing the State Bank of Pakistan also delivered a detailed presentation on financing facilities offered by the State Bank of Pakistan to further channelize industrialization and encourage investment in the sector. Representatives of several local banks including HBL, BAFL, ABL, NBP, BoK and Meezan Bank also attended the session.
Present at the occasion, Mr. Taimoor Khan, General Secretary Marble Association Buner appreciated PASDEC’s efforts to disseminate benefits of Mechanized Mining to the mine owners of Buner and assured of their full support going forward besides putting forward a few suggestions for considerations.

It is pertinent to mention here that PASDEC besides holding numerous training programs has already taken up projects for demonstration of Mechanized Mining across the Country including Buner and is also providing for Mining Machines on subsidized rents to the Mine Owners to encourage use of best international practices in the sector. The Company also facilitates the industry in exemption on Custom Duty and Sales Tax on import of Mining Machines.

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