History Of SML
In 1961 Geological Survey of Pakistan (GSP) discovered Copper deposits at Saindak, during 1972 to 1973 (GSP) and united geological survey (USGS) jointly confirmed the existence of Copper by diamond core drilling of five (5) holes at Saindak.
Establishment of RDC Charter Saindak Copper-Gold Project (SCGP) of Saindak Metals Limited (SML) (formerly, Resource Development Corporation) was established in April 1974, under the Companies Ordinance bearing Registration No: 0004413, Ministry of Petroleum to plan, prospects, organize, execute and implement exploration, evaluation, extraction, production, development and marketing of minerals, metals and ore.
SML signed an agreement on October 23, 1990 with M/s MCC China Metallurgical Construction Corporation (MCC) for construction of Saindak Copper-Gold Project on turnkey basis. The Agreement contained clause of facility of Supplier’s Credit of US$ 84 million against which equipment / machinery were to be supplied by the Contractor (MCC).
The first project assigned by Federal Government to SML is Saindak Copper-Gold Project and located in Saindak, District Chagai in Balochistan Province. During the trial production in 1995, project produced 1,500 M/T of blister copper and sold in International market but due to low prices of copper the project could not made operational and from 1996 to 2001 due to low prices of copper in International market; Government of Pakistan sustained a loss of Rs.300 Million annually, on payment of salary of the employees and static maintenance of machinery and other facilities. The Government of Pakistan decided to make the project operational and a committee of federal cabinet was constituted to recommend options. The committee recommended leasing option to restart the project.