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Continuing to Write New China-Pakistan Cooperation Chapter - 3rd Lease Term Contract of Pakistan Saindak Copper-Gold Mine Renewed
CopyFrom: Date:27 October 2017
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  On October 26th, 2017, Pakistan Prime Minister Shahid Khaqan Abasi cordially met MCC President Zhang Mengxing at the Prime Minister’s Residence in Islamabad. Prime Minister Abasi said that China and Pakistan’s traditional friendship has lasting charms. In recent years, the advance of China’s ‘Belt and Road’ strategy has greatly promoted Pakistan’s economic and social development. As the bellwether of Chinese enterprises, the MCC Group started to participate in Pakistani engineering construction and economic cooperation over 20 years ago. The Saindak Copper-Gold Mine Project has operated smoothly for two contract lease terms. The Pakistan Government at all levels has given high affirmation to the remarkable operation achievements and outstanding contributions to local society of the Saindak Project, and it is hoped that MCC Group will continue to increase its investment degree in Pakistan. The Pakistan Government will continue to give great support to MCC Group in conducting business.

  President Zhang Mengxing thanked the Prime Minister Abasi for his warm reception and the great long-term support he has given to the MCC Group. He then introduced the basic situations of the Saindak Copper-Gold Project pointing out that since Pakistan Saindak Copper-Gold Mine Project Lease Contract came into effect in October 2002, with effective supervision and great support from Pakistan’s Federal Government, Balochistan Government, Chinese Embassy in Pakistan and SML Company (the owner), MCC has operated this project stably for 15 years, achieved practical economic and social benefits, directly created over 2,000 jobs every year and cultivated local nonferrous industrial technology and management talents for Pakistan. Moreover, MCC positively fulfills its social responsibility, promotes the local economy and relevant industrial development, and devotes itself to improving residential living conditions and promoting community harmony. The Saindak Copper-Gold Mine Project has become a successful example of China-Pakistan cooperation. Lastly, President Zhang Mengxing said that MCC Group will further increase its investment and cooperation in mineral products and other relevant major business fields. The strong support of the Pakistan Government further enhances their confidence.

  After the meeting, MCC and Saindak Metals Co., Ltd.[A1]  (‘SML’ for short) signed the Pakistan Saindak Copper-Gold Mine Project Lease Contract at the Prime Minister’s Residence in Islamabad. MCC President Zhang Mengxing and SML General Manager Mohanmed Lazko Sangalani[A2]  signed the agreement. Pakistan Prime Minister Shahid Khaqan Abasi and Chinese Embassy in Pakistan Deputy Chief of Mission Zhao Lijian witnessed the signing. The signing ceremony was attended by Pakistan Balochistan Chief Minister Sanaullah Khan, Balochistan Permanent Secretary Olenzer Harker, Petroleum Resource Department Permanent Secretary Sultan Laga and Vice-Permanent Secretary Nassir Krabi, as well as MCCT President Zou Jianhui.

  In 1990, the MCC Group undertook the construction of the Saindak Copper-Gold Mine Project in the EPC mode, built a modern nonferrous factory integrating collection, selection and smelting on barren land in Pakistan’s border area over the next 4 years, conducted the project’s successful first-time test run and delivered it to the Pakistan Party, thereby injecting power into Pakistan’s nonferrous industrial production and creating a historical chapter of large-scale industrialization production in the nonferrous industry. In 2001, the Pakistan Party conducted international competitive bidding for the Saindak Copper-Gold Mine’s operation. MCC Group stood out among many bidders with its strong strength, and the first lease term started in October 2002. In October 2012, the second lease term started. Within these two lease terms, the accumulative sales of crude copper exceeded 220,000 tons and the sales revenue reached over USD 2 billion. MCC has sustained this profitability for years, never losing any money and creating a classic successful case of Chinese enterprises ‘going global’.

  Considering the resource possession situation of the Saindak Copper-Gold mine, the MCC Group adheres to the operation concept of ‘Constructing in a place and benefiting that place’, increases the complementary prospecting degree to effectively prolong the service life of the Saindak Copper-Gold Mine, compares many technology plans and expands the originally designed exploitation range. The successful carrying out of this lease term will be the third. The lease operation will end on October 31st, 2022. In this time, MCC will make even more contributions to local economic and social development.