PESHAWAR, Oct 26: The policy and action plan for mineral development in Fata has been approved which is in keeping with the National Mineral Policy 1995, Governor NWFP Syed Iftikhar Hussain Shah said.

The approval came at a meeting held at the Governor’s House here on Saturday.

Under the action plan, the private sector’s technical and financial expertise in mineral development would be promoted and it would be provided with proper infrastructure for the purpose.

It also aims to provide mine safety, rescue and training centres in major mining areas besides identifying and notifying promising mineral areas for a master plan of infrastructure and mineral development.

The meeting was informed that, when implemented, the new policy and action plan would also generate employment opportunities through private sector facilitation in the respective tribal areas.

Under the new policy, efforts would be made to attract maximum local and foreign investment and to formulate new products for public and private sector investors through consultants.

The meeting was told that a separate directorate of mines and minerals had been established at the Governor’s secretariat, Fata, besides posting of a mineral officer to each agency headquarter.

Moreover, prominent mineral-rich areas have been identified in different tribal areas where necessary infrastructure would be developed and rescue and training centres as well as processing zones established.

Regarding the impact of the new action plan for implementation of mineral development in Fata, the meeting was informed that it would have a far-reaching economic and financial impact on the respective tribal areas. The royalty generation, which is Rs14.4 million annually at present, would jump four-fold to Rs50 million or thereabouts.

Moreover, in the coming two to three years, the public sector investment would rise from Rs14.2 million to Rs36 million whereas the private sector industrial development would reach Rs100 million. It would also generate up to 5,000 private-sector jobs, the meeting was told.