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China to invest US $ 1.5 bn in Thar Coal

22 September, 2011

Sino-Sindh Resources, a local subsidiary of Global Mining Company is investing in Thar Coal Block-1 for coal mining and power generation of 900 Mega Watt (MW).

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Sino-Sindh Resources, a local subsidiary of Global Mining Company is investing in Thar Coal Block-1 for coal mining and power generation of 900 Mega Watt (MW).

Chairman Board of Investment (BoI) Saleem H. Mandviwala informed after a meeting with a six member delegation of Global Mining Company led by Liyuang Liu here on Tuesday.

The Chairman BOI informed that Global Mining Company had also signed MoU with government of Sindh for the project and the company plans to invest US $ 4.5 billion till 2016.

Saleem Mandviwala appreciated the efforts being made by the company  for their investment plans and briefed that in order to market Thar, a comprehensive incentive package has been developed with consultation from all stake holders, which included; 20 per cent IRR to firms 30 years  exemption on corporate tax and minimum turnover tax to mine and power plant operators, all custom duties on import of coal mining projects allowed at zero per cent to reduce the initial capital investment, exemption on withholding tax to  shareholder on dividend for initial 30 years, project construction and operations to reduce the initial capital investment.

He further said that Thar Coal field would also be declared as Special Economic Zone which will bring further advantages and incentives to the company.

Mr. Liyuang Liu, Chairman of the company informed that they will complete feasibility study during six months and mining would be started in April, 2012.

He also said that a Sino-Pak friendship has become an example for the world and “we are standing side by side with the people to Pakistan to overcome the shortfall of power in Pakistan”.

The delegates informed that Global Mining Company also intends to invest in infrastructure & construction such as transmission line, road network, communication etc.

End.


 
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