Uniformed Regulatory Regime For Mineral-sector Development On Cards

Uniformed regulatory regime for mineral-sector development on cards

ISLAMABAD, (UrduPoint / Pakistan Point News - 8th Jan, 2023 ) :The Petroleum Division is in process of introducing a uniform regulatory regime for mineral-sector development across the country, under a project initiated to complete all the legal formalities required.

Accordingly, the government has allocated Rs70 million in the Public Sector Development Programme (PSDP 2022-23) for 'Legal Consultancy Services' to draft a Model Mineral Agreement and update the Regulatory Framework prepared by provincial minerals and coal departments.

The project was launched during the last fiscal year with an initial allocation of Rs30 million against the total estimated cost of Rs100 million, aimed at ensuring best international practices in the 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 a must to facilitate investment and ease of doing business in the mineral sector.