The JK Minerals Limited has generated a record cash surplus of Rs. 2.14 crore during the first quarter of the current financial year.
This was stated at the 168th Board of Directors meeting of the JK Minerals Limited held at Civil Secretariat here today under the chairmanship of Minister of Industries and Commerce, Chander Prakash Ganga.
The Board observed that the cash surplus has been achieved after 30 years. Appreciating the performance of the Corporation in generating the record revenue, the Board approved the release of 10% of pending Cost of Living Allowance arrear in favor of the Corporation’s eligible employees in order of seniority for which the financial implication of Rs. 1.50 crore will be met from the resources generated by the Corporation.
The Board also approved the release of additional 20% DA in favor of employees.
The meeting also discussed the excavation of Gypsum reserves from Dam Site at Parlanka through outsourcing arrangement under PPP mode. The Board directed the management of the Corporation to immediately invite EOI applications in this regard. It was observed that in order to ensure timely excavation of 5 million tons of Gypsum from the project site, the Parlanka Mine area could be bifurcated into 2 to 3 sub-sectors so that the huge submerging Gypsum reserves are excavated within the next five year period with annual production target line fixed at 10 lakh tones per annum.
The Board also directed the Managing Director JKML to get the report of the Transaction Consultant on the evaluation of RFPs of Saphire Mines at Paddar at the earliest.
Director Geology & Mining Department was also asked to undertake G-2 and G-1 exploration of Moghla Mine area at Kalakote on priority to explore the possibility of opening of new Mine inclines and ensure its completion by the end of March 2018.
It was also agreed in principal to the commercial exploitation of its limestone deposits at Khrew for non-captive use by the Corporation subject to submission of environmental clearance and mining plan duly approved by the competent authority to facilitate renewal of pending lease of the project in favor of the Corporation.
The Board advised the management to participate in the bidding process initiated by the Geology & Mining Department for rich Granite deposits at Kargil for commercial exploitation.
Congratulation the Corporation for its achievements, the Minister stressed the need to continue to put in dedicated efforts and transparent functioning to tap the rich mineral resources of the State.
Ganga also welcomed the appointment of Syed Attaullah Simnani as Vice Chairperson of the Corporation and said that his expertise in the field of industrialization of the State will help the management to further improve the functioning of the Corporation.