Gold exploration project to transform Balochistan: PM

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani said on Friday that the mega project for the exploration of gold, copper and other allied minerals in Chaghi, launched jointly by Antofagasta of Chile, Barrick Gold of Canada and the government of Balochistan would bring about transformation in Balochistan.

The PM said this while talking to a delegation headed by Jean Paul Luksic, Chairman Antofagasta, a Chilean joint venture company, which called on him here.

The PM assured that the government would extend all necessary assistance for the timely completion of the project.

He asked the delegation to ensure that maximum jobs are given to the people of Balochistan and arrangements are made for imparting requisite skills training to them so that they can avail job opportunities.

He said Pakistan would consider the signing of a Free Trade Agreement with Chile. A government delegation will soon visit Chile to explore new avenues of cooperation and collaboration.

Mr Luksic informed the PM that the project involves an investment of $1-1.5 billion, which is likely to eventually reach $5 billion. On commissioning, he said, the annual copper export would be over $1 billion.

Secretary Petroleum and senior government officials also attended the meeting. app



SPI spikes by 26.03 percent



KARACHI: The weekly inflation measured by Sensitive Price Index (SPI) rose sharply by 26.03 percent during the week ended June 06, 2008 over the corresponding period of previous year.

“Weekly inflation increased by 0.13 percent during the week under review compared to preceding week”, statistics division reported Friday. The hike in the weekly inflation was caused by huge increase in the prices of kitchen items.

The steep rise in the inflation has burdened the poor segments of the society more because the low-income group is hit hard by the inflationary trends.

The households in the two lower income brackets of Rs 3,000 and Rs 3,001 to 5,000 felt the pinch of this weekly inflation the most, as it shot up by 29.74 percent and 28.91 percent respectively. SPI increased by 26.72 percent for the households in the income group of Rs 5,001 to Rs 12,000 and was up by 23.36 percent for above Rs 12,000 income group. staff report

Home | Business