BEIJING, Nov 30: Pakistan and China on Friday signed a formal contract — valued at $350 million — for the development of Saindak Copper-Gold project in Baluchistan.

The contract has been awarded on lease basis to the China Metallurgical Construction Corporation (MCC) for a period of ten years.

The government of Baluchistan will also receive $0.7 million annually as royalty.

Initially, the Chinese company will invest $39 million as working capital to make the project operational.

Hasan Gauhar, Director Geological Survey of Pakistan and Ma Yanli, President of MCC, signed the contracts on behalf of their respective governments.—APP