Punjab’s Minister for Minerals Sher Ali Gorchani has announced a major development for the province, stating that 266 million metric tons of iron discovered in Chinot will be put up for auction within the next 2 to 3 months.
Speaking to a digital media outlet, he said that the project had stalled during the tenure of the Pakistan Tehreek-e-Insaf (PTI) government but has now been completed.
The minister also highlighted a previous case involving 56 companies, during which a German firm had been operational in the area and faced legal challenges. Due to the rising dollar rate, the company was required to pay Rs. 560 million, which the government settled.
According to Gorchani, the feasibility report for iron extraction has been submitted to the government, and the German company is expected to issue the tender report soon. The auction process for the project will commence in the coming days.
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The minister added that the revenue from this project is anticipated to be in billions of dollars, providing a significant boost to Punjab’s economy.
