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HEC approves contracts for key gold, copper mines

HEC approves contracts for key gold, copper mines

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Aug 12, 2018 - 19:51

KABULinfo-icon (Pajhwok): The High Economic Commission (HEC) on Sunday approved contracts for the development of gold mine in northeastern Badakhshan province and the Balkhab copper mine in Sar-i-Pul province.

A statement from the Presidential Palace to Pajhwok Afghan News said the contracts were approved in an HEC meeting chaired by the president.

At the beginning, president’s advisor on finance and banking affairs, Ajmal Ahmadi, provided information about the capabilities of the two companies seeking contracts of the gold and copper mines and assessments of the economy and finance ministers to the meeting.

He said the two companies had several times showed their interest to work in the mines and they also met the conditions in technical ground could provide enough financial resources for exploration of the two mines. After signing of the contracts, the companies would be asked for financial guarantee, he added.

Following a comprehensive discussion, the meeting decided to award the contracts of gold mine in Badakhashan and copper mine in Sar-i-Pul province to the two companies.

President Ashraf Ghani, talking at the meeting, said the result of the initial phase or exploration phase should be cleared first and then the companies should be asked for financial guarantees.

A clear security mechanism should also be put in place for protection of these projects, the president stressed.

The meeting was also briefed by the deputy finance minister for customs about a draft plan for reducing duty on raw petroleum materials and suggested the tax should be reduced from five to one percent considering the Cabinet’s recommendations.

President Ghani approved the plan and said special monitoring steps should be taken for controlling raw materials being processed by factories and refineries.

mds/ma

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