A Pakistani Co to kick off Asia’s biggest Copper-Gold project
680 viewsBy jazbablog - Mon Sep 27, 9:39 pm
One among the thousands of samples of the rocks of Asia’s biggest reserves of Copper-Gold in Reko Diq (Chaghi district Balochistan) is being shown to the journalists
Thetheyan Company, a joint venture of Barrick Gold and Antofagasta has completed the exploration of the deposit in Reko Diq, some 70 KM west of Naukundi of Chaghi district and submitted detailed feasibility report to government of Balochistan last month. “TCC’s investment in Reko Diq project, the first foreign investment will prove as engine for foreign investment in the region that would not only benefit Balochistan but Pakistan economically”, Saima Ali Shah, the Corporate communication manager TTC told visiting journalist hailing from Quetta, Karachi and Islamabad during a briefing at the site of the project on Monday.
She said that Reko Diq area was situated in Chaghi district of Balochistan bordering simultaneously Afghanistan and Iran and consisted of copper-Gold porphyry systems found in Thetheyan belt with the estimation of 22 billion pounds of copper and 13 million ounces of gold over 56 years life of the mine. She said that assuming the development of the project with international investment was successfully accomplished and the project was bound to serve as a catalyst for attracting other investors to be followed exploration and mining development. Saima Shah claimed that TTC had the support and cooperation of 80% of the local population including all the tribal notables and elders that showed that the people of the area wanted their region develop ensuring prosperity and progress for Balochistan in general and Chaghi in particular.
She said that a detailed feasibility report had already been submitted to government of Balochistan in August last with a request for mining lease and hopefully, the provincial government would prefer exploration company (TTC) for mining.
Since, she pointed out, TTC had made risk investment of 214 million US$ on exploration of the deposit and it was common practice world over that that the company which made risk investment in exploration was given lease for mining. She said that the provincial government was supposed to issue lease within three months after submission of feasibility report.
“Under the agreement reached by the company with government of Balochistan, both federal and Balochistan governments will have 52% of the net profit in the form of royalty, taxes and share while the share of Balochistan is 25%”, she said, adding Balochistan government was a partner with 25% of investment in the project.
