Islamabad: Pakistan Petroleum Limited (PPL) has executed Amendment No. 1 to the Operating Agreement for the Barytes Project with the Government of Balochistan (GoB), formalizing a joint venture for the Baryte, Lead, and Zinc Project (BLZ Project). This amendment, effective as of November 15, 2004, integrates the area under Mining Lease No. 16, executed on December 6, 2021, in District Khuzdar, into the existing agreement. The BLZ Project encompasses mining operations for barytes, lead, and zinc in Gunga, District Khuzdar.

PPL's mining subsidiary, BME, will operate the BLZ Project, prioritizing local residents for employment opportunities. The funding for the project will be proportionally contributed by both PPL and GoB, with PPL arranging the necessary funding for GoB's capital contribution through a financing arrangement derived from its own cashflows.

A Bankable International Standard Feasibility Study was completed in 2019 by M/s DMT, Germany, marking a significant step toward the development phase of the project. The BLZ Project is projected to generate an average annual revenue of $144 million, with a net present value (NPV) of $356 million, over an estimated mine life of 32 years.

According to information available from the Pakistan Stock Exchange (PSX), this development complies with Section 96 of the Securities Act, 2015, and Clause 5.6.1 of the Pakistan Stock Exchange Limited Regulations, ensuring the information's dissemination among relevant stakeholders.

The designated market category for this project falls under mining and minerals, reflecting its strategic importance in the region's economic landscape.