RekoDiq Mining Project | News, Updates & Discussions.

[Kompromat]

ISLAMABAD, June 29: Balochistan Chief Minister Dr Abdul Malik Baloch on Saturday proposed setting up of a joint working group for continuation of the Reko Diq gold project.

Discussing the project with Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi, the Balochistan CM proposed inclusion of technical and legal experts from federal and provincial governments in the group.

Khaqan Abbasi recommended that legal and technical consultants of international repute be engaged to address the details of terms of project agreement.

Reko Diq is highly technical and vital for the country and it should be taken up on commercial basis, Mr Abbasi said.

He stressed the need for adopting long-term and consistent policy measures to win trust of the investor since rapid policy changes dilute investor interest.

The Balohcistan chief minister shared with Mr Abbasi problems faced by the people and the government of Balochistan on various issues.

Mr Khaqan Abbasi said that the provincial government enjoys a free hand to take decisions in matters relating to natural resources of the province, adding the federal government and the ministry would provide support to the provincial government.

He assured the chief minister that decisions relating to minerals and other natural resources would be taken by the Balochistan government. The constitution is clear and the ministry desires to facilitate the government, he said.

“It is now the responsibility of the provincial government to take wise and long-term policy decisions in the best interest of the people of Balochistan and the federation of Pakistan as a whole,” Khaqan Abbasi said.

The project is now surrounded by controversies. A consortium of Canadian and Chilean mining companies had, for years, explored cooper and gold deposits under a contract with the government.

The Tethyan Copper Company, which previously was involved in gold and copper exploration, is now planning to seek damages for the breach of contract by both federal and provincial governments.

Finance Secretary Waqar Masood, Petroleum Secretary Abid Saeed, Chief Secretary of Balochistan Babar Yaqoob Fateh Mohammad and other officials were present in the meeting.

Joint working group for Reko Diq proposed - DAWN.COM

 

[Argus Panoptes]

Gold, copper reservoirs in Reko Diq worth over $1 trillion.


@Argus Panoptes

"The Senate Standing Committee on Petroleum and Natural Resources was informed on Tuesday by the officials that in Reko Diq area of Balochistan total gold and copper reservoirs are over five billion tons, worth over dollar one trillion. Dr Imran Ahmed Khan, Director General (DG) Geological Survey of Pakistan (GSP) stated this while briefing the committee here with Senator Muhammad Yousaf in the chair. "

Says who? The DG of GSP. To whom? A Senate Standing Committee.

Meaningless.

All the mineral wealth in the world means nothing unless exploited.

Oh wait, there's more:

"DG apprised the committee that the landmine was worth trillion of dollars and most precious gemstones in the world were present in the mine. He said the total reserves in that mine were more than five billion tons. He was directed by the committee to give a complete presentation/report regarding layers of Reko Diq. DG informed the committee that within next three weeks a pilot project of eight megawatt electricity located in Thar coal area would become operational, adding if the pilot project was successful then power generation through Thar coal would further be developed in the country."

So gold and copper worth 1 trillion dollars, and additional gemstones worth several trillion dollars more? Really? Most precious in the world? BWAHAHAHAHAHA!

I call BS on these claims, unless some primary sources are presented that can be scrutinized.

 

[Slav Defence]

Excellent news but I am afraid of our regime's corruption...all benefits 'if extracted' will not be able to reach the subject.

 

[Kompromat]

@Slav Defence

Im more afraid of the 'lies'.

 

[ziaulislam]

I think this thread should be closed, the company has gone , actually kicked out..with it any chance of any other company also gone.
govt cant and doesnt has the capablity, will or money to develop it..
shame that the foreign company was giiven just a single block with 0.1% area only yet we kicked it out and now facing problems in international court

 

[Kompromat]

Talking about the Reko Diq project, Dr Mubarakmand said that giving the project to the foreign companies was akin to “daylight robbery”.

He said that it was criminal that foreign companies were allowed to exploit copper and gold from the area, with only 2% of the sale proceeds given to the government as royalty.

He revealed Pakistan did not even get a discount in the project and had to buy the finished product at international rates.

Giving credit to former Balochistan chief minister Aslam Raisani, the eminent scientist noted that the then chief minister gave full support to Pakistan’s case, and as a result the country won the legal challenge brought by the foreign companies.

“Thus, the country was saved from a fraud, which would have been severely detrimental for the poor people in Balochistan.”

He said that within 3-4 months the project would start producing copper and gold, and the copper produced will be 55% cheaper than in the international market.

Daily Times - Leading News Resource of Pakistan

 

[BATMAN]

Talking about the Reko Diq project, Dr Mubarakmand said that giving the project to the foreign companies was akin to “daylight robbery”.

He said that it was criminal that foreign companies were allowed to exploit copper and gold from the area, with only 2% of the sale proceeds given to the government as royalty.

He revealed Pakistan did not even get a discount in the project and had to buy the finished product at international rates.

Giving credit to former Balochistan chief minister Aslam Raisani, the eminent scientist noted that the then chief minister gave full support to Pakistan’s case, and as a result the country won the legal challenge brought by the foreign companies.

“Thus, the country was saved from a fraud, which would have been severely detrimental for the poor people in Balochistan.”

He said that within 3-4 months the project would start producing copper and gold, and the copper produced will be 55% cheaper than in the international market.

Daily Times - Leading News Resource of Pakistan

I have stated this before this news. I know that eventual fraud was even bigger than what Dr. Samar knows.
These companies are habitual in doing so.
There was no defined mechanism, to gauge to the actual proceeds, as these companies will never build smelting unit in Pakistan. They will ship all the slurry and tell you 1% is gold and pay you 2% of it.
While considering the corrupt politicians, it is not difficult to steal.
If Indian goods can be found in market without any explanation than it is child's play to fill few ships without record.

 

[W.11]

the project should better be closed, yes it was more a robbery