The Economic Coordination Committee (ECC) of the Cabinet will take up today an 11-point agenda that includes the extension of lease to Chinese contractors of the Saindak copper-gold project

 The Economic Coordination Committee (ECC) of the Cabinet will take up today an 11-point agenda that includes the extension of lease to Chinese contractors of the Saindak copper-gold project and the revival of tax concessions to Chinese power producers as part of the efforts to attract investment to the second phase of the China-Pakistan Economic Corridor (CPEC).

To be presided over by Finance Minister Shaukat Tarin, the ECC will also consider a payment plan for public-sector power producers on the pattern of independent power producers (IPPs) as part of revised tariff agreements of 2020.

Metallurgical Corporation of China (MCC) and state-owned Saindak Metals Ltd (SML) signed an agreement in 2017 under which the Chinese firm kept on operating the Saindak copper-gold project for five years. The lease is set to expire on Oct 30. The two companies had originally signed in 2002 a 10-year contract, which was extended for five years in 2012. The terms of contract have been kept confidential all along.

MCC is now interested in bidding for Pakistan Steel Mills and is looking for fresh investments in special economic zones (SEZs) that are being set up under CPEC.

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