Islamabad, Sep 2: The nation’s workforce is uneasy about the federal government’s decision to privatize the only state-owned mining corporation, Pakistan Mineral Development Corporation (PMDC).
Even though PMDC is profitable to the tune of billions of rupees and deposits billions of dollars in earnings with the Federal Board of earnings, the cabinet last week approved PMDC’s privatization.
It is important to note that PMDC is the only mining firm controlled by the federal government that operates in every province and has been in business for more than 50 years.
The company oversees eighteen mining ventures around the country, comprising two exploration projects, seven joint ventures, four coal mining operations, and five salt mining projects.
Sor Range Quetta is known for possessing Pakistan’s best underground coal mine, while the historic Khewra Salt Mines are notable for their rock salt production and tourism.
In 13 field formations, PMDC helps almost 8,000 families and directly employs 2,101 people. as a lucrative and self-sufficient state-owned business. In addition to CSR contributions totaling Rs. 735 million, PMDC has given the national exchequer Rs. 7.29 billion over the previous five years.
Major Initiatives
- Exploration: 1000 sq Km of antinomy blocks in Balochistan potentially transformative for Pakistan.
- Acquisitions: 40,000 acres for Iron Ore mining in Balochistan, placer gold blocks in Punjab, and base metal projects in Chitral.
- Foreign Investment of $200 million for a Pink Rock Salt Grinding and Packaging plant in partnership with MSCI USA.
- Value Added Ventures; development of projects such as Coal to Coke, Humic Acid Production, Coal Briquetting, and coal bed methane.
According to sources, the aforementioned projects seek to provide a sizable amount of foreign exchange as well as socioeconomic advantages, including job opportunities in underserved areas.
At this point, privatization would only provide a one-time cash advantage, but continued and future initiatives would result in significant employment losses that would affect thousands of families that depend on PMDC for their daily needs.
The government ought to reverse its decision to privatize PMDC, as it is a flourishing and successful company.
