PESHAWAR - Khyber-Pakhtunkhwa government has signed a Memorandum of Understanding with the Chinese Company GCEI for mineral processing in Ganzo on Saturday.

It envisages the establishment of mineral industrial park in Rashakai Special Economic Zone. According to Minster for Mineral Development Dr Amjad Ali, the Chinese company will invest billions of dollars in mineral exploration and processing projects in KP, which will generate employment opportunities for the youth and produce a variety of value-added products for the international market.

In the mineral industrial park, high quality cutting and polishing of mineral products will be carried out with the state-of-the art machinery, which will have a competitive edge in the international market and fetch high prices, he said.

The KP has rich reserves of precious minerals which are exported in raw form at throw-away prices, depriving the province of revenue of billions of rupees in the past. After the establishment of mineral industrial park, the potential of the province in mineral resources can be exploited to the maximum level which will give a big boost to economy of the province and earn valuable foreign exchange for the country, he said.

The GCEI will also make liberal investment in mineral exploration and mining with application of the latest technologies. It will accelerate the work of minerals’ exploration and ensure its judicious exploitation by reducing the quantum of wastage during the mining process.