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MCC gets extension in Saindak project
24 May 2011: Pakistan has given five years extension to a state-owned Chinese firm in its Saindak mining project after it agreed to pay five percent additional shares to Balochistan Government. The multimillion dollar gold and copper deal with Metallurgical Corp of China (MCC) was extended ahead of expiry of company’s existing contract in October 2012.
Pakistan and China finalised new terms and conditions in revised deal on gold and copper mine on Saindak. According to sources, MCC had earlier also expressed interest in gold and copper Reko Diq project and issue was taken with the prime minister during his recent visit. Sources maintained that China through diplomatic channel had requested Pakistan to award the site of Reko Diq to MCC but Pakistan had declined the request fearing a possible legal battle with Tythyan Copper Company (TCC) that was recently facing a case in the Supreme Court regarding its deal.
Source: The Nation