The Balochistan government has signed on Thursday a joint venture agreement with Platinum Mining Company (PMC), a private entity, to develop the country’s first mineral processing project in the province.
The agreement was signed at the provincial government’s Balochistan Mineral Resources Limited (BMRL) office, Quetta.
The company plans to value-add and convert raw fluorite ore into acid grade calcium fluoride that will be sold as a feedstock to many chemical industries established internationally. Calcium Fluoride (CaF2) is also known as fluorite or fluorspar.
Director PMC Ismail Suttar signed the agreement with Balochistan Mineral Resource Limited, which was represented by its Managing Director Saeed Sarpara. The signing was witnessed by Minister of Mines and Minerals Umair Hasni.
“We can reach a capacity of producing 250,000 tons in the second year after producing 60,000 to 100,000 tons in the first year,” Suttar told Business Recorder.
Suttar added that 100% of the fluorspar produced will be exported initially. However, he expects that there will soon be businesses that would be able to use fluorspar to produce Freon – a highly processed gas used in refrigerators.
“This joint venture can lead to exports of $250 million annually. Roughly the same quantity is being exported for just $60 million in raw form,” said Suttar, who is also President of the Lasbela Chamber of Commerce and Industry.