Uniform Regulatory Regime For Mineral-sector's Development Being Introduced

(@FahadShabbir)

Uniform regulatory regime for mineral-sector's development being introduced

The Petroleum Division would introduce a uniform regulatory regime for mineral-sector development across the country for which a project is being initiated during the current fiscal year to complete all legal formalities

ISLAMABAD, Dec 9 (UrduPoint / Pakistan Point News - 9th Dec, 2021 ) :The Petroleum Division would introduce a uniform regulatory regime for mineral-sector development across the country for which a project is being initiated during the current fiscal year to complete all legal formalities.

Accordingly, the government has allocated Rs 30 million in the Public Sector Development Programme (PSDP 2021-22) for 'Legal Consultancy Services' to draft Model Mineral Agreement and update the Regulatory Framework prepared by provincial minerals and coal departments.

The project would be carried at an estimated cost of Rs 100 million and completed in due course of time to ensure best international practices in development of the minerals' sector, a senior official privy to the petroleum sector developments told APP.

He said the consultant would work in close coordination with the project team and all the departments concerned for revision and updating the mining laws and rules/regulations concerning minerals concessions and occupational health & safety aspects.

The official said the uniform regulatory framework was must to facilitate investment and ease-of-doing-business in the mineral sector.