Renowned nuclear scientist and member Planning Commission, Dr Samar Mubarakmand, Wednesday told the Supreme Court that they have technical expertise and manpower to run Reko Diq project. The Government should not give it to foreign company as it wanted to take raw copper and gold from the Reko Diq reserves out of the country.

Pakistan will earn $2 billion a year if it were to mine and refine gold and bronze from Reko Diq, whereas if a foreign company is awarded the contract, it will only get $160 million in royalties. From Sandak project we don’t get even one kg copper for our industries therefore if we will operate this project ourselves then down-line industries in Pakistan would flourish.

Gross value of metal (copper and gold) at Reko Diq (EL-5) site is $104 billion
The Reko Diq project has tremendous potential to contribute in the uplift of Balochistan’s economy in specific and the national economy in general. The Government calculates that exports of the processed metals from Reko Diq could bring at least $500bn, which can dramatically trasnform the economic landscape of Balochistan and the Pakistan. With Quetta taking the necessary steps to start mining and refining the precious metals, the PPPP government should not waste time to in making the multi-billion dollar project operational. The Renowned nuclear scientist and a member of the Planning Commission, Dr Samar Mubarakm has informed the Supreme Court that they have technical expertise and manpower to run Reko Diq project.

The Reko Diq project, located in the Chaghi district of Balochistan, is being developed by the Tethyan Copper Company Pakistan (TCCP), jointly owned by Barrick Gold Corporation, Canada, and Antofagasta, Chile. He strongly advised the Government not to give the mines to a foreign company as the foreign companies would siphon off the raw copper and gold from the Reko Diq out of the country. A Planning Commission official has stated that “The whole project proposed by the Planning Commission would cost a maximum of $1 billion.

A three-member bench headed by Chief Justice Iftikhar Mohammad Chaudhry and comprising Justice Ghulam Rabbani and Justice Khalilur Rehman Ramday heard the identical petitions of Tariq Asad Advocate and Wattan Party through Zafarullah Advocate. The Government of Balochistan and the Sanjrani tribe has also now became party into the case.

Dr Samar informed the court, “They are fundamentally trained to handle the project independently.” He said every year the country has to import 0.1 million ton copper, adding “from Sandak project we don’t get even one kg copper for our industries therefore if we will operate this project ourselves then down-line industries in Pakistan would flourish.”

The nuclear scientist with the help of multimedia explained that according to Tethyan Copper Company version gross value of metal (copper and gold) at Reko Diq (EL-5) site is $104 billion. Dr Samar said the companies that had surveyed Thar Coal project did not claim mining rights. He said in three years the TCCP, which was leased 400 sq km land, carried out on work on 6-7 sq km, which is the 3 per cent of the total project.

“Balochistan was rich in various resources that needed to be utilised for the development of the province. People of Balochistan have first right on these resources” if these resources were utilised properly, Balochistan would become the richest province in the country.” General Ashfaq Parvez Kayani

The royalty payable to the Government of Balochistan at 2 per cent on gross value of metal is $2.08 billion and the share in profit of the Government of Balochistan at 25 per cent is $7.635 billion, while the total cash payable to the Government of Balochistan for life of mine, which is 56 years, would be $8.97 billion. The cash payable to Balochistan would be $160 million per year.

The Balochistan Copper Project’s total cash profit to the Balochistan Government during the life of the mine (56 years) would be $131.824 billion. The figures are based on the processing of copper ore 5000-ton per day to produce copper metal and other valuable such as Gold, Silver, Molybdenum and Sulphuric Acid. That the execution would be started after the release of funds, adding the estimated completion period will be 04 years, with effect from the release of funds.

The country’s coal potential had been estimated at 185 billion tons with current consumption of 7.5 million tonnes per annum against annual production of 4.5 million tons.

Possibly Related Posts:

• Move on?
• Iran Opens Chabahar Port For NATO Supply
• ALERT: Shahzain Bugti Admits He Smuggled Military-Grade Weapons From Afghanistan
• Ghinwa Bhutto: Bush Threatened To Take Us To Stone Age, Zardari Did It
• US Military Aircraft Forced to Land in Pakistan