Canadian Firm To Invest US$ 50m In KP Mineral Sector

The Canadian firm Tytan Copper has expressed interest to invest US$ 50 million in the mineral sector of Khyber Pakhtunkhwa

PESHAWAR, (UrduPoint / Pakistan Point News - 14th May, 2024) The Canadian firm Tytan Copper has expressed interest to invest US$ 50 million in the mineral sector of Khyber Pakhtunkhwa.

In this regard Chief Executive Officer (CEO), Tytan Copper Nabeel Saqib held a meeting with the Special Assistant to KP CM on Industries, Commerce and Technical education at the office of the Khyber Pakhtunkhwa board of Investment & Trade (KP-BOIT) on Tuesday, said a press release.

During the meeting, Nabeel Saqib gave a detailed presentation regarding the investment plan, leases acquisition status and hurdles pertaining to Prospecting License lease acquisition.

The Special Assistant directed KP-BOIT to fully facilitate Tytan Copper and Pana Copper.

He also requested the Canadian firm to suggest international best practices to be adopted here in KP (Specifically adopted in neighboring countries) which causes delay and not time bound.

The Special Assistant also directed KP-BOIT to point out issues, regulation and laws related to overlapping in mining leases in different area of KP that mostly causes stumbling of economic activity in the region.

He stated that KP-BOIT team and representatives of Minerals Development Department (MDD) to ensure progress updates of each lease title applied by the Canadian firms, issues therein, and a way forward be drawn to present the case to the apex committee of Government for issuance of work order and committed lifting ban on conventional lease titles as a special case for FDI.

The special assistant also assured full support in facilitation to be provided by the Government of Khyber Pakhtunkhwa and also appreciated KP-BOIT performance and assured of all possible cooperation from this platform.