ISLAMABAD, Jan 3: First Prospecting Licence for gold at two sites, Hushe and Ranthak blocks, of Skardu has been granted to Shahzad International by the office of Chief Secretary, Northern Areas, Gilgit, says a press release.

This is in pursuance of policy of the government to assign high priority to fast track development of mineral resources of the country.

The award of prospecting license to Shahzad International is the first concession for gold granted to any private party in the country.

The prospecting plan of the sites for gold is being finalized which will be reviewed by an experienced and well-reputed foreign company, having expertise in the exploration of metallic minerals and metal mining, before negotiating a joint venture for implementation of the project.

Pakistan Mineral Development Corporation and AusAid-Australia initiated regional geo-chemical survey for gold and base metals in Northern Areas of Pakistan in 1992. The survey was completed in June 2001. During this period more than 4000 samples were analyzed to study concentration of gold and base metals.

Based on the review of data interpretation carried out by Shahzad International, two gold prospects; Ranthak Block (350 02’55” to 35007’50”N and 76036, 38 to 76 0 48’19”E) and Hushe Block (35026,01” to 35031’19”N & 76012’17” to 76 27’43”E), have been identified in Skardu area.

These blocks are considered to be most promising for the search of gold and base metals.

Earlier, Shahzad International had acquired leases of ruby in Hunza (Gilgit) and Aquamarine in Shigar (Skardu).

Prospecting plan for these gemstones has been finalized and field activities are initiated. In the energy sector Shahzad International has played a key role in the country while in the solid fuel sector the company has recently signed an MoU with the Government of Sindh to set up a coal washing plant at Lakhra coal field. The project is estimated to cost $4 million.

Shahzad International is the entity of Shahzad group that is a business house of repute with 25 years of experience in diversified business, especially in oil, gas and minerals including solid fuel and gemstones.

The group has a work force of 500 professionals and 1000 supporting staff and has offices in Kuwait, London, Calgary, Singapore, Beijing and Kabul.

The group has implemented joint venture projects in Pakistan and elsewhere in the region for the benefit of governments and parties concerned.

The group has played a major role in bringing world-renowned multinational companies to Pakistan for committing substantial investment that has resulted in large-scale discoveries of hydrocarbons.—APP