KARACHI: A consortium of local banks, including HBL, UBL and Bank Alfalah, has agreed to lend $500 million (Rs50 billion) for utilisation of the country’s first open-pit coal mine in Tharparkar district.
The amount will be given to Sindh Engro Coal Mining Company (SECMC), a joint venture between Sindh government and five private companies, to initiate work on the mine, which holds about 180 billion tons of coal.
This agreement is part of the $2-billion project, which includes a mine with a capacity to produce 3.8 million tons a year of coal and a 660MW coal-based power plant.
Addressing the agreement signing ceremony, Sindh Chief Minister Syed Qaim Ali Shah said, “Nobody even Prime Minister (Nawaz Sharif) did not believe in the project, however, when the experts in Berlin confirmed the quality of coal, the premier also supported us.”
