Pakistan Petroleum Limited partners with Balochistan government to expand lead and zinc project
Pakistan Petroleum Limited (PPL) has executed Amendment No. 1 to its operating agreement with the Government of Balochistan for the Barytes, Lead, and Zinc (BLZ) Project, which will now include an expanded area for lead and zinc mining in District Khuzdar, according to a filing at the Pakistan Stock Exchange (PSX) on Thursday.
This addition to the agreement, which also covers the original Barytes mining site, allows PPL’s mining arm, BME, to serve as the project’s operator.
The amendment enables the inclusion of the area under Mining Lease No. 16, granted in December 2021, into the existing operating terms. The project will focus on not only lead and zinc but also continue its barium mining in the region.
The agreement also outlines that local residents will be prioritised for employment opportunities, in accordance with the terms of the operating agreement.
PPL and the provincial government will jointly fund the BLZ Project, with PPL arranging financing through its own resources.
The project’s development follows a Bankable Feasibility Study conducted in 2019 by M/s DMT, Germany. With a projected average annual revenue of $144 million, the BLZ Project is expected to generate $356 million over its anticipated 32-year mine life.
This strategic collaboration between PPL and the Balochistan government aims to boost the province’s economic growth while ensuring a sustainable and long-term mining operation.
