PESHAWAR (Kashif Syed): The Khyber Pakhtunkhwa (KP) provincial cabinet has approved the Khyber Pakhtunkhwa Mineral Resources Development and Management Company Act. This new legislation aims to establish a government-owned company focused on promoting the exploration, mining, processing, and industrial use of the province’s mineral resources.
Under the new act, the company will be entirely owned by the provincial government and will aim to boost investment, increase profits, and efficiently manage the province’s mineral resources. It will have the authority to collaborate with both public and private sectors and will be able to initiate major projects through public-private partnerships.
The company’s responsibilities will encompass mineral exploration, mining, development, marketing, and export promotion, along with the development of local communities and infrastructure improvement. Additionally, the company will offer a one-stop service for investors, streamlining the investment process in the sector.
To ensure effective governance and performance, a Board of Directors will be formed to oversee the company’s management. This board will include secretaries from provincial departments as well as four experts from the private sector. The Chief Executive Officer (CEO) will be appointed through a transparent and competitive process.
To finance the company’s operations, a Mineral Development Fund will be created, funded by 45% of mineral revenues. This initiative is expected to significantly enhance the province’s mineral sector by attracting investment and providing a structured framework for its development.
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