World of Coins

Modern Asian coins, pseudo coins and trade tokens => Pakistan, Bangladesh, the Maldives => Topic started by: Bimat on August 14, 2017, 06:11:25 AM

Title: Feasibility Study to be Undertaken for Modernization of Lahore Mint
Post by: Bimat on August 14, 2017, 06:11:25 AM
Pak Mint modernisation: MoF to conduct 2nd feasibility study

Fawad Yousafzai

ISLAMABAD -  The ministry of finance will undertake second feasibility study for the modernisation and restructuring of Pakistan Mint Lahore in a span of less than six years.

The first feasibility didn’t provide enough drawing and enough detail required for the upgradation of the Mint therefore second study is being conducted, official source told The Nation here Sunday.

The project to modernize Pakistan Mint was initiated during the previous PPP government’s tenure but could not be materialized till date, the source said.

In 2011, a feasibility study was undertaken for the modernization and restructuring of Pakistan Mint Lahore. It was decided that a company will be selected for carrying out the task of restructuring in accordance with the Public Procurement Rules and it will be completed in 120 days after the contract award date.

Out of total seven firms which submitted their financial and technical proposals, to carry out the feasability, two companies were shortlisted. Finally, The Royal Mint, UK, being technically highest and financially lowest bidder was qualified to carry out feasibility study on modernization and restructuring of Pakistan Mint, Lahore, the source maintained. The feasibility cost at that time was around 35 million rupees, the source added.

Staffed with more than 500 administrative and labour, Pakistan Mint, established in Lahore in 1942, is responsible for minting of coins. It also manufactures medals, military awards as well as postal seals and stamps. Pakistan Mint is also responsible for refining gold and converting it to five-kilogram bars for the State Bank of Pakistan. However, the official said that with its outdated machinery the Mint can produce only low quality work. Beside, the productivity of the Mint is also very low and cannot fulfill the requirements of the State Bank efficiently, the source said. By moderising the plant it can be turned into a profitable entity, the source said.

The government needs to upgrade the obsolete machinery and equipment being used at the Mint in order to enhance its productivity, output quality and cost-effectiveness. Furthermore, its current staff also lacks requisite expertise and will require an extensive training programme.

For starting the construction work on the project funds were allocated in PSDP 2017-18, however objections were raised to the feasibility study. The ministry of finance was directed to first submit PC-II for the project, with a fresh feasibility study, and then PC-I will be forwarded to the appropriate forum.

The new feasibility will cost around Rs 40 million, the source said. The total cost of the modernization and restructuring of Pakistan Mint could be around Rs 4 billion. Under the plan, current building of the Mint will be demolished and new structure will be eracted, new machines will be imported to replace the current outdated set up, the source said.

Source: The Nation (