Wing Commander, you have a valid point.
Newer technology and money will only come from aboard, yes after digest that technology, we can go within country resources. until then take the technology from specialist firms with utmost care.
0
Tethyan Copper Plans To Invest $3.2bn In Reco Dig Mining Project
Started by
Tarbela
, Sep 28 2010 07:32 AM
130 replies to this topic
#81
Tarbela
-
- Senior Members
-
- 2,404 posts
BRIGADIER
- Gender:Male
- Location:USA
Posted 24 December 2010 - 10:39 AM
" In million of books, there is only word...
If your vision is clear, just Bismillah is enough for you"
#82
Tarbela
-
- Senior Members
-
- 2,404 posts
BRIGADIER
- Gender:Male
- Location:USA
Posted 24 December 2010 - 11:00 AM
Consortium revises offer to secure Reko Diq lease
ISLAMABAD: December 24, 2010 With the Balochistan government seeking a financially better deal, the Tethyan Copper Company (TCC) Pakistan, a consortium of Chilean and Canadian companies, has made a revised offer to secure a mining lease and production sharing agreement with the provincial government for commercial production at Reko Diq, one of the world’s biggest copper-cum-gold reserves in Chagai district.
This has come amid a high-profile controversy over the value of the deposit and concerns that a high-value national resource was being handed over to foreign firms for negligible returns to the province. Having proven mineral resource of 5.9 billion tons established through a bankable feasibility study, the Reko Diq also attracted Chinese, Russian and American companies to secure the high-value natural resource.
Sources said a Chinese firm, which is engaged in the production of copper and gold at a much smaller reserve, expressed a desire to compete for the project as late as during the recent visit of the Chinese prime minister to Pakistan. The federal government, however, decided not to oblige. The chairman of Board of Investment, Salim Mandviwala, said the “Reko Diq will stay with TCC. The Chinese will get new concessions which are available to all”.
Sources told Dawn that the revised offer had come after a meeting between Balochistan Chief Minister Nawab Aslam Raisani and chief executive of the TCC, Gerhard Von Borries, in which the provincial leader sought improved offer that corresponded better to ‘aspirations of the government and people of Balochistan’.
According to a revised proposal, the TCC has offered to raise $600 million loans to fund the provincial government’s 25 per cent share of the capital contribution for equity participation at no interest to start mine development. About $100-125 million interest cost of the loan would therefore be picked up by the TCC — owned equally by Barrick Gold of Canada and Antofagasta of Chile. Under the Chaghi Hills Exploration Joint Venture Agreement (CHEJVA) signed in 1993 and revised in 2006, the Balochistan government was to raise this amount at Libor plus two per cent interest rate.
The project needs about $3.3 billion to be raised from the international market to make it a commercial success. About $230 million have been spent on project exploration over an area of 585 square kilometers, proving the project was commercially viable. The government did not invest during the exploration phase.
The TCC has also offered to give up the Balochistan government’s share of the management fee of the project that roughly provides another saving of about $25 million to the province. In another relaxation in loan repayment, the consortium said the Balochistan government would be entitled to start receiving dividends once net profits commenced and would have to allocate half of its dividends towards the repayment to TCC of the principal amount of the loan, extending the loan repayment period beyond eight years envisaged under the original agreement.
By Khaleeq Kiani
reuters
ISLAMABAD: December 24, 2010 With the Balochistan government seeking a financially better deal, the Tethyan Copper Company (TCC) Pakistan, a consortium of Chilean and Canadian companies, has made a revised offer to secure a mining lease and production sharing agreement with the provincial government for commercial production at Reko Diq, one of the world’s biggest copper-cum-gold reserves in Chagai district.
This has come amid a high-profile controversy over the value of the deposit and concerns that a high-value national resource was being handed over to foreign firms for negligible returns to the province. Having proven mineral resource of 5.9 billion tons established through a bankable feasibility study, the Reko Diq also attracted Chinese, Russian and American companies to secure the high-value natural resource.
Sources said a Chinese firm, which is engaged in the production of copper and gold at a much smaller reserve, expressed a desire to compete for the project as late as during the recent visit of the Chinese prime minister to Pakistan. The federal government, however, decided not to oblige. The chairman of Board of Investment, Salim Mandviwala, said the “Reko Diq will stay with TCC. The Chinese will get new concessions which are available to all”.
Sources told Dawn that the revised offer had come after a meeting between Balochistan Chief Minister Nawab Aslam Raisani and chief executive of the TCC, Gerhard Von Borries, in which the provincial leader sought improved offer that corresponded better to ‘aspirations of the government and people of Balochistan’.
According to a revised proposal, the TCC has offered to raise $600 million loans to fund the provincial government’s 25 per cent share of the capital contribution for equity participation at no interest to start mine development. About $100-125 million interest cost of the loan would therefore be picked up by the TCC — owned equally by Barrick Gold of Canada and Antofagasta of Chile. Under the Chaghi Hills Exploration Joint Venture Agreement (CHEJVA) signed in 1993 and revised in 2006, the Balochistan government was to raise this amount at Libor plus two per cent interest rate.
The project needs about $3.3 billion to be raised from the international market to make it a commercial success. About $230 million have been spent on project exploration over an area of 585 square kilometers, proving the project was commercially viable. The government did not invest during the exploration phase.
The TCC has also offered to give up the Balochistan government’s share of the management fee of the project that roughly provides another saving of about $25 million to the province. In another relaxation in loan repayment, the consortium said the Balochistan government would be entitled to start receiving dividends once net profits commenced and would have to allocate half of its dividends towards the repayment to TCC of the principal amount of the loan, extending the loan repayment period beyond eight years envisaged under the original agreement.
By Khaleeq Kiani
reuters
" In million of books, there is only word...
If your vision is clear, just Bismillah is enough for you"
#83
Saqr
-
- Moderator
-
- 18,102 posts
GENERAL
- Gender:Male
- Location:Canada
Posted 25 December 2010 - 12:06 AM
QUOTE (Wing Commander @ Dec 24 2010, 12:18 PM) <{POST_SNAPBACK}>
I still favour privatisation actually, but that doesn't mean Pakistan should accept the first deal that comes along, there are a number of interested foreign mining firms in Reko Dik. We should explore all possibilities before making a decision, however nationalised firms don't have a great history in Pakistan, take loss making Pakistan Steel, or PIA. If we want to compete with the world we need to bring in the skills, technology and methods to be the best.
Nationalisation in developing countries like Pakistan makes for lazy industries, filled with party chumcheh, and relatives of politicians and managers. That's a sure recipe to make a company non-profitable. To understand what I am talking about you have to take a step back and look at the rest of the world and then you begin to understand why no one believes in nationalisation any more not even the former socialist countries, take eastern Europe, Baathist Arab states, former USSR. Privatisation is inevitable at some stage.
Nationalisation in developing countries like Pakistan makes for lazy industries, filled with party chumcheh, and relatives of politicians and managers. That's a sure recipe to make a company non-profitable. To understand what I am talking about you have to take a step back and look at the rest of the world and then you begin to understand why no one believes in nationalisation any more not even the former socialist countries, take eastern Europe, Baathist Arab states, former USSR. Privatisation is inevitable at some stage.
I agree that Pakistan Steel and PIA are lousy...but what about adopting the East Asian model of setting performance standards on state-owned firms...i.e. have them meet a set objective, and should they fail they would loose funding? This has worked quite well for Japan, South Korea, Taiwan and nowadays even China.
#84
haroons222
-
- Senior Members
-
- 6,512 posts
GENERAL
- Location:U.S.
Posted 25 December 2010 - 02:15 AM
QUOTE (Tarbela @ Dec 24 2010, 12:00 PM) <{POST_SNAPBACK}>
Consortium revises offer to secure Reko Diq lease
ISLAMABAD: December 24, 2010 With the Balochistan government seeking a financially better deal, the Tethyan Copper Company (TCC) Pakistan, a consortium of Chilean and Canadian companies, has made a revised offer to secure a mining lease and production sharing agreement with the provincial government for commercial production at Reko Diq, one of the world’s biggest copper-cum-gold reserves in Chagai district.
This has come amid a high-profile controversy over the value of the deposit and concerns that a high-value national resource was being handed over to foreign firms for negligible returns to the province. Having proven mineral resource of 5.9 billion tons established through a bankable feasibility study, the Reko Diq also attracted Chinese, Russian and American companies to secure the high-value natural resource.
Sources said a Chinese firm, which is engaged in the production of copper and gold at a much smaller reserve, expressed a desire to compete for the project as late as during the recent visit of the Chinese prime minister to Pakistan. The federal government, however, decided not to oblige. The chairman of Board of Investment, Salim Mandviwala, said the “Reko Diq will stay with TCC. The Chinese will get new concessions which are available to all”.
Sources told Dawn that the revised offer had come after a meeting between Balochistan Chief Minister Nawab Aslam Raisani and chief executive of the TCC, Gerhard Von Borries, in which the provincial leader sought improved offer that corresponded better to ‘aspirations of the government and people of Balochistan’.
According to a revised proposal, the TCC has offered to raise $600 million loans to fund the provincial government’s 25 per cent share of the capital contribution for equity participation at no interest to start mine development. About $100-125 million interest cost of the loan would therefore be picked up by the TCC — owned equally by Barrick Gold of Canada and Antofagasta of Chile. Under the Chaghi Hills Exploration Joint Venture Agreement (CHEJVA) signed in 1993 and revised in 2006, the Balochistan government was to raise this amount at Libor plus two per cent interest rate.
The project needs about $3.3 billion to be raised from the international market to make it a commercial success. About $230 million have been spent on project exploration over an area of 585 square kilometers, proving the project was commercially viable. The government did not invest during the exploration phase.
The TCC has also offered to give up the Balochistan government’s share of the management fee of the project that roughly provides another saving of about $25 million to the province. In another relaxation in loan repayment, the consortium said the Balochistan government would be entitled to start receiving dividends once net profits commenced and would have to allocate half of its dividends towards the repayment to TCC of the principal amount of the loan, extending the loan repayment period beyond eight years envisaged under the original agreement.
By Khaleeq Kiani
reuters
ISLAMABAD: December 24, 2010 With the Balochistan government seeking a financially better deal, the Tethyan Copper Company (TCC) Pakistan, a consortium of Chilean and Canadian companies, has made a revised offer to secure a mining lease and production sharing agreement with the provincial government for commercial production at Reko Diq, one of the world’s biggest copper-cum-gold reserves in Chagai district.
This has come amid a high-profile controversy over the value of the deposit and concerns that a high-value national resource was being handed over to foreign firms for negligible returns to the province. Having proven mineral resource of 5.9 billion tons established through a bankable feasibility study, the Reko Diq also attracted Chinese, Russian and American companies to secure the high-value natural resource.
Sources said a Chinese firm, which is engaged in the production of copper and gold at a much smaller reserve, expressed a desire to compete for the project as late as during the recent visit of the Chinese prime minister to Pakistan. The federal government, however, decided not to oblige. The chairman of Board of Investment, Salim Mandviwala, said the “Reko Diq will stay with TCC. The Chinese will get new concessions which are available to all”.
Sources told Dawn that the revised offer had come after a meeting between Balochistan Chief Minister Nawab Aslam Raisani and chief executive of the TCC, Gerhard Von Borries, in which the provincial leader sought improved offer that corresponded better to ‘aspirations of the government and people of Balochistan’.
According to a revised proposal, the TCC has offered to raise $600 million loans to fund the provincial government’s 25 per cent share of the capital contribution for equity participation at no interest to start mine development. About $100-125 million interest cost of the loan would therefore be picked up by the TCC — owned equally by Barrick Gold of Canada and Antofagasta of Chile. Under the Chaghi Hills Exploration Joint Venture Agreement (CHEJVA) signed in 1993 and revised in 2006, the Balochistan government was to raise this amount at Libor plus two per cent interest rate.
The project needs about $3.3 billion to be raised from the international market to make it a commercial success. About $230 million have been spent on project exploration over an area of 585 square kilometers, proving the project was commercially viable. The government did not invest during the exploration phase.
The TCC has also offered to give up the Balochistan government’s share of the management fee of the project that roughly provides another saving of about $25 million to the province. In another relaxation in loan repayment, the consortium said the Balochistan government would be entitled to start receiving dividends once net profits commenced and would have to allocate half of its dividends towards the repayment to TCC of the principal amount of the loan, extending the loan repayment period beyond eight years envisaged under the original agreement.
By Khaleeq Kiani
reuters
They know how big this is, wont let go so easily.
So they are willing to give 600 million in LOANS to cover our cost and 25 million admin cost!!...wow some revision,someone needs to tell them to ###### off.
But knowing the kind of ppl we have in govt. i am really scared, something might get signed and we will be legally obligated!
An actual negotiation could involve covering the cost of the project and increasing our share to 40%...if not,then this is a waste of time...govt. of Balochistan should ask for 45% share and settle at 40%
Then which of the favours of your Lord will ye deny?
#85
Wing Commander
-
- Senior Members
-
- 1,886 posts
BRIGADIER
- Gender:Male
- Interests:Politics, Muslim Affairs
- Location:Woking, UK
Posted 25 December 2010 - 06:54 AM
QUOTE (Saqr @ Dec 25 2010, 06:06 AM) <{POST_SNAPBACK}>
I agree that Pakistan Steel and PIA are lousy...but what about adopting the East Asian model of setting performance standards on state-owned firms...i.e. have them meet a set objective, and should they fail they would loose funding? This has worked quite well for Japan, South Korea, Taiwan and nowadays even China.
setting of targets has all been tried before and failed in Pakistan, read some of the history under Bhutto's Socialism. Japan, South Korea, Taiwan all are developed economies with educated literate populations, the Chinese run on one party rule I don't think we want to go down that road.
Employees in nationalised industries get nothing if the company achieves targets, and therefore decide not to bother putting in a full days work. There are many ghost employees (people whose wages are being paid) but who don't actually do any work. In big state run structures this is common in develpoign countries like Pakistan. The answer is to keep such structures to a minimum and empower the management to hire and fire at will. when management want to shut down a loss making dept, first the union will oppose it, then the politicians who have stuffed the same department with their party workers will oppose it, management cannot face down the politicians in a nationalised industry.
In Pakistan Male literacy was 60.6 percent, while female literacy was 31.5 percent according to wikipedia
http://en.wikipedia.org/wiki/Pakistan
I know of other stats which imply these stats are underestimating the problem. When people are barely able to read and write how can you have innovation or development? Although literacy is improving from a low base, and there have been some important developments in the last decade such as provision of free education finally.
Its important that the state regulates industries like Coal, copper etc for the national benefit, but it should not be involved in the actual provision of such services.
#86
waz
-
- Senior Members
-
- 9,889 posts
GENERAL
- Gender:Male
- Location:London UK
Posted 25 December 2010 - 07:30 AM
QUOTE (haroons222 @ Dec 25 2010, 08:15 AM) <{POST_SNAPBACK}>
They know how big this is, wont let go so easily.
So they are willing to give 600 million in LOANS to cover our cost and 25 million admin cost!!...wow some revision,someone needs to tell them to ###### off.
But knowing the kind of ppl we have in govt. i am really scared, something might get signed and we will be legally obligated!
An actual negotiation could involve covering the cost of the project and increasing our share to 40%...if not,then this is a waste of time...govt. of Balochistan should ask for 45% share and settle at 40%
So they are willing to give 600 million in LOANS to cover our cost and 25 million admin cost!!...wow some revision,someone needs to tell them to ###### off.
But knowing the kind of ppl we have in govt. i am really scared, something might get signed and we will be legally obligated!
An actual negotiation could involve covering the cost of the project and increasing our share to 40%...if not,then this is a waste of time...govt. of Balochistan should ask for 45% share and settle at 40%
The army stepped in with the Thar coal deal, I don't see this one being overlooked. Let's hope things prevail.
Blessed be the sacred land,
Happy be the bounteous realm,
Symbol of high resolve, Land of Pakistan.
Blessed be thou citadel of faith.
The Order of this Sacred Land
Is the might of the brotherhood of the people.
May the nation, the country, and the State
Shine in glory everlasting.
Blessed be the goal of our ambition.
This flag of the Crescent and the Star
Leads the way to progress and perfection,
Interpreter of our past, glory of our present,
Inspiration of our future,
Symbol of Almighty's protection.
Happy be the bounteous realm,
Symbol of high resolve, Land of Pakistan.
Blessed be thou citadel of faith.
The Order of this Sacred Land
Is the might of the brotherhood of the people.
May the nation, the country, and the State
Shine in glory everlasting.
Blessed be the goal of our ambition.
This flag of the Crescent and the Star
Leads the way to progress and perfection,
Interpreter of our past, glory of our present,
Inspiration of our future,
Symbol of Almighty's protection.
#87
haroons222
-
- Senior Members
-
- 6,512 posts
GENERAL
- Location:U.S.
Posted 25 December 2010 - 12:08 PM
QUOTE (waz @ Dec 25 2010, 08:30 AM) <{POST_SNAPBACK}>
The army stepped in with the Thar coal deal, I don't see this one being overlooked. Let's hope things prevail.
Iam not sure bro, army didnt intervene in reko diq before...it was baloch nationalist who twisted Raisani to halt it before, and the SC ofcourse, but the generals never made a sound.There is no reason to believe they will do the same again.
Then which of the favours of your Lord will ye deny?
#88
Saqr
-
- Moderator
-
- 18,102 posts
GENERAL
- Gender:Male
- Location:Canada
Posted 25 December 2010 - 06:07 PM
QUOTE (Wing Commander @ Dec 25 2010, 08:54 AM) <{POST_SNAPBACK}>
setting of targets has all been tried before and failed in Pakistan, read some of the history under Bhutto's Socialism. Japan, South Korea, Taiwan all are developed economies with educated literate populations, the Chinese run on one party rule I don't think we want to go down that road.
Developmental economists note that when Japan, South Korea and Taiwan were not so developed (i.e. during the 1950s-1980s), they set-up state owned enterprises and set rigid performance standards on each of them...when certain enterprises didn't perform (e.g. did not add to national revenue, failed their R&D objectives, etc), they were cut from state funding. Now I don't mean to say that every single corporation and industry in Pakistan ought to be nationalized, but it is inevitable that certain enterprises - namely those involved in advanced R&D - will be state-owned. That said, I believe there needs to be investment in emerging businesses, new local entrepreneurs & initiatives, etc...soft loans/grants on the part of the govt would be a welcome idea.
QUOTE
Employees in nationalised industries get nothing if the company achieves targets, and therefore decide not to bother putting in a full days work. There are many ghost employees (people whose wages are being paid) but who don't actually do any work. In big state run structures this is common in develpoign countries like Pakistan. The answer is to keep such structures to a minimum and empower the management to hire and fire at will. when management want to shut down a loss making dept, first the union will oppose it, then the politicians who have stuffed the same department with their party workers will oppose it, management cannot face down the politicians in a nationalised industry.
Agreed...but do you think this is a problem in PAC, AWC, etc?
#89
HKK
-
- Senior Members
-
- 3,042 posts
GENERAL
- Gender:Male
Posted 29 December 2010 - 08:46 AM
I think some people here are confusing the matter and getting into non issue of privatization V nationalization. Reko Dik and all mineral resources in Pakistan are not firms or companies that can be privatized. They an national "Strategic assets" and hence it is the responsibility of government to exploit them for the cause of nation and country as a whole. They are not there for some private companies let alone foriegn ones.
www.youtube.com/watch?v=opAg3XUJsjk
www.youtube.com/watch?v=S_0F2IJEfmE
www.youtube.com/watch?v=GBJDy6GdlFo&feature=related
Liya jayega tujh se kam, duniya ki imamat ka
In Pakistan's yay or nay, the fate of other nations will be sealed. Insha Allah.
www.youtube.com/watch?v=S_0F2IJEfmE
www.youtube.com/watch?v=GBJDy6GdlFo&feature=related
Liya jayega tujh se kam, duniya ki imamat ka
In Pakistan's yay or nay, the fate of other nations will be sealed. Insha Allah.
#90
HKK
-
- Senior Members
-
- 3,042 posts
GENERAL
- Gender:Male
Posted 29 December 2010 - 08:56 AM
I think some people here are confusing the matter and getting into non issue of privatization V nationalization. Reko Dik and all mineral resources in Pakistan are not firms or companies that can be privatized. They an national "Strategic assets" and hence it is the responsibility of government to exploit them for the cause of nation and country as a whole. They are not there for some private companies let alone foriegn ones.
www.youtube.com/watch?v=opAg3XUJsjk
www.youtube.com/watch?v=S_0F2IJEfmE
www.youtube.com/watch?v=GBJDy6GdlFo&feature=related
Liya jayega tujh se kam, duniya ki imamat ka
In Pakistan's yay or nay, the fate of other nations will be sealed. Insha Allah.
www.youtube.com/watch?v=S_0F2IJEfmE
www.youtube.com/watch?v=GBJDy6GdlFo&feature=related
Liya jayega tujh se kam, duniya ki imamat ka
In Pakistan's yay or nay, the fate of other nations will be sealed. Insha Allah.
#91
Tarbela
-
- Senior Members
-
- 2,404 posts
BRIGADIER
- Gender:Male
- Location:USA
Posted 12 January 2011 - 01:01 PM
Mining rights of Reko Diq vest with govt: Dr Samar
ISLAMABAD (updated on: 2011-01-13 02:01:01 PST):
Dr Samar Mubarakmand, a leading scientist and chairman board of governors of Reko Diq, on Wednesday said that mining rights of the gold and copper reserves in the area were with the government while drilling contracts could be given to private companies.
Talking to mediamen after giving a presentation to the Supreme Court on the issue of award of contract to a foreign company, he said they made efforts for two years to tap reserves and it was approved by the Planning Division and Executive Committee of the National Economic Council (ECNEC).
He said that Balochistan government had also agreed to fund the project. He said the Sindh government had given contracts for drilling in Thar coal reserves to foreign companies and paid them after completion of the task but no one took the issue to the courts.
"We spent a single defence budget and attained nuclear capability. We have immense technical expertise and manpower to complete such projects. We are ready to serve the nation," he emphasized.
To a question he replied that being a Pakistani he would urge that the country should undertake all such projects itself whether small or large.
He said Tethyan Copper Company (TCC) was given contract for small portion of land in the area about 400 square feet with two small reserves.
He said the vast area in Reko Diq might have vast reserves.
He further informed that being chairman of BOGs of Riko Diq, he was studying 1,00,000 pages feasibility report which seemed to be prepared with hard work.
Earlier appearing before a three-member bench of Chief Justice Iftikhar Muhammad Chaudhry, Justice Ghulam Rabbani and Justice Khalil ur Rehman Ramday, he apprised that the provincial government was earning 160 million US$ yearly but if undertaken indigenously the government could yield an earning of 2 billion US dollar.
Dr Samar said with this project after few years, the provincial government could earn about 2 billion US$ per year.
He said exploration of copper in the mines was a difficult task and yearly Pakistan has to import 1,00,000 tons copper whereas on local level the country was exploring 45,000 tons copper.
He said cobalt reserves were also present with double value of uranium.
He said the provincial assembly had passed a resolution in favour of local mining.
He said they would be spending 3.3 billion US$ out of which a total of 1.5 million would be spent on infrastructure.
He said the provincial government would get 25 share out of the total profit which was unprecedented.
To bench's query he replied that they had no intention of establishing downstream industry.
Copyright APP (Associated Press of Pakistan), 2011
ISLAMABAD (updated on: 2011-01-13 02:01:01 PST):
Dr Samar Mubarakmand, a leading scientist and chairman board of governors of Reko Diq, on Wednesday said that mining rights of the gold and copper reserves in the area were with the government while drilling contracts could be given to private companies.
Talking to mediamen after giving a presentation to the Supreme Court on the issue of award of contract to a foreign company, he said they made efforts for two years to tap reserves and it was approved by the Planning Division and Executive Committee of the National Economic Council (ECNEC).
He said that Balochistan government had also agreed to fund the project. He said the Sindh government had given contracts for drilling in Thar coal reserves to foreign companies and paid them after completion of the task but no one took the issue to the courts.
"We spent a single defence budget and attained nuclear capability. We have immense technical expertise and manpower to complete such projects. We are ready to serve the nation," he emphasized.
To a question he replied that being a Pakistani he would urge that the country should undertake all such projects itself whether small or large.
He said Tethyan Copper Company (TCC) was given contract for small portion of land in the area about 400 square feet with two small reserves.
He said the vast area in Reko Diq might have vast reserves.
He further informed that being chairman of BOGs of Riko Diq, he was studying 1,00,000 pages feasibility report which seemed to be prepared with hard work.
Earlier appearing before a three-member bench of Chief Justice Iftikhar Muhammad Chaudhry, Justice Ghulam Rabbani and Justice Khalil ur Rehman Ramday, he apprised that the provincial government was earning 160 million US$ yearly but if undertaken indigenously the government could yield an earning of 2 billion US dollar.
Dr Samar said with this project after few years, the provincial government could earn about 2 billion US$ per year.
He said exploration of copper in the mines was a difficult task and yearly Pakistan has to import 1,00,000 tons copper whereas on local level the country was exploring 45,000 tons copper.
He said cobalt reserves were also present with double value of uranium.
He said the provincial assembly had passed a resolution in favour of local mining.
He said they would be spending 3.3 billion US$ out of which a total of 1.5 million would be spent on infrastructure.
He said the provincial government would get 25 share out of the total profit which was unprecedented.
To bench's query he replied that they had no intention of establishing downstream industry.
Copyright APP (Associated Press of Pakistan), 2011
" In million of books, there is only word...
If your vision is clear, just Bismillah is enough for you"
#92
Tarbela
-
- Senior Members
-
- 2,404 posts
BRIGADIER
- Gender:Male
- Location:USA
Posted 12 January 2011 - 01:57 PM
Pakistan has expertise to refine copper, gold, Supreme Court told
ISLAMABAD: Renowned nuclear scientist and member of the Planning Commission, Dr Samar Mubarakmand told the Supreme Court (SC) today that the foreign company wanted to take the raw copper and gold from the Reko Diq reserves out of the country.
The country has the expertise to explore and refine copper and gold, he added.
A three-member bench headed by Chief Justice Iftikhar Mohammad Chaudhry heard the case.
The scientist pointed out that the copper reserves were only 0.02 and very difficult to refine but we have the expertise to process it.
ISLAMABAD: Renowned nuclear scientist and member of the Planning Commission, Dr Samar Mubarakmand told the Supreme Court (SC) today that the foreign company wanted to take the raw copper and gold from the Reko Diq reserves out of the country.
The country has the expertise to explore and refine copper and gold, he added.
A three-member bench headed by Chief Justice Iftikhar Mohammad Chaudhry heard the case.
The scientist pointed out that the copper reserves were only 0.02 and very difficult to refine but we have the expertise to process it.
" In million of books, there is only word...
If your vision is clear, just Bismillah is enough for you"
#93
Wing Commander
-
- Senior Members
-
- 1,886 posts
BRIGADIER
- Gender:Male
- Interests:Politics, Muslim Affairs
- Location:Woking, UK
Posted 12 January 2011 - 03:24 PM
QUOTE (Tarbela @ Jan 12 2011, 07:01 PM) <{POST_SNAPBACK}>
Mining rights of Reko Diq vest with govt: Dr Samar
ISLAMABAD (updated on: 2011-01-13 02:01:01 PST):
Dr Samar Mubarakmand, a leading scientist and chairman board of governors of Reko Diq, on Wednesday said that mining rights of the gold and copper reserves in the area were with the government while drilling contracts could be given to private companies.
Talking to mediamen after giving a presentation to the Supreme Court on the issue of award of contract to a foreign company, he said they made efforts for two years to tap reserves and it was approved by the Planning Division and Executive Committee of the National Economic Council (ECNEC).
He said that Balochistan government had also agreed to fund the project. He said the Sindh government had given contracts for drilling in Thar coal reserves to foreign companies and paid them after completion of the task but no one took the issue to the courts.
"We spent a single defence budget and attained nuclear capability. We have immense technical expertise and manpower to complete such projects. We are ready to serve the nation," he emphasized.
To a question he replied that being a Pakistani he would urge that the country should undertake all such projects itself whether small or large.
He said Tethyan Copper Company (TCC) was given contract for small portion of land in the area about 400 square feet with two small reserves.
He said the vast area in Reko Diq might have vast reserves.
He further informed that being chairman of BOGs of Riko Diq, he was studying 1,00,000 pages feasibility report which seemed to be prepared with hard work.
Earlier appearing before a three-member bench of Chief Justice Iftikhar Muhammad Chaudhry, Justice Ghulam Rabbani and Justice Khalil ur Rehman Ramday, he apprised that the provincial government was earning 160 million US$ yearly but if undertaken indigenously the government could yield an earning of 2 billion US dollar.
Dr Samar said with this project after few years, the provincial government could earn about 2 billion US$ per year.
He said exploration of copper in the mines was a difficult task and yearly Pakistan has to import 1,00,000 tons copper whereas on local level the country was exploring 45,000 tons copper.
He said cobalt reserves were also present with double value of uranium.
He said the provincial assembly had passed a resolution in favour of local mining.
He said they would be spending 3.3 billion US$ out of which a total of 1.5 million would be spent on infrastructure.
He said the provincial government would get 25 share out of the total profit which was unprecedented.
To bench's query he replied that they had no intention of establishing downstream industry.
Copyright APP (Associated Press of Pakistan), 2011
ISLAMABAD (updated on: 2011-01-13 02:01:01 PST):
Dr Samar Mubarakmand, a leading scientist and chairman board of governors of Reko Diq, on Wednesday said that mining rights of the gold and copper reserves in the area were with the government while drilling contracts could be given to private companies.
Talking to mediamen after giving a presentation to the Supreme Court on the issue of award of contract to a foreign company, he said they made efforts for two years to tap reserves and it was approved by the Planning Division and Executive Committee of the National Economic Council (ECNEC).
He said that Balochistan government had also agreed to fund the project. He said the Sindh government had given contracts for drilling in Thar coal reserves to foreign companies and paid them after completion of the task but no one took the issue to the courts.
"We spent a single defence budget and attained nuclear capability. We have immense technical expertise and manpower to complete such projects. We are ready to serve the nation," he emphasized.
To a question he replied that being a Pakistani he would urge that the country should undertake all such projects itself whether small or large.
He said Tethyan Copper Company (TCC) was given contract for small portion of land in the area about 400 square feet with two small reserves.
He said the vast area in Reko Diq might have vast reserves.
He further informed that being chairman of BOGs of Riko Diq, he was studying 1,00,000 pages feasibility report which seemed to be prepared with hard work.
Earlier appearing before a three-member bench of Chief Justice Iftikhar Muhammad Chaudhry, Justice Ghulam Rabbani and Justice Khalil ur Rehman Ramday, he apprised that the provincial government was earning 160 million US$ yearly but if undertaken indigenously the government could yield an earning of 2 billion US dollar.
Dr Samar said with this project after few years, the provincial government could earn about 2 billion US$ per year.
He said exploration of copper in the mines was a difficult task and yearly Pakistan has to import 1,00,000 tons copper whereas on local level the country was exploring 45,000 tons copper.
He said cobalt reserves were also present with double value of uranium.
He said the provincial assembly had passed a resolution in favour of local mining.
He said they would be spending 3.3 billion US$ out of which a total of 1.5 million would be spent on infrastructure.
He said the provincial government would get 25 share out of the total profit which was unprecedented.
To bench's query he replied that they had no intention of establishing downstream industry.
Copyright APP (Associated Press of Pakistan), 2011
as I said previously the key line is underlined. Most of the Pakistani press and many here on PDF immediately thought bribes had been paid for favours, without a shred of evidence.
#94
sobank
-
- +Senior Moderator
-
- 11,112 posts
GENERAL
- Gender:Male
- Location:Toronto,Canada
Posted 12 January 2011 - 07:17 PM
QUOTE (Saqr @ Dec 25 2010, 01:06 AM) <{POST_SNAPBACK}>
I agree that Pakistan Steel and PIA are lousy...but what about adopting the East Asian model of setting performance standards on state-owned firms...i.e. have them meet a set objective, and should they fail they would loose funding? This has worked quite well for Japan, South Korea, Taiwan and nowadays even China.
That works with if the appointment of management is done on merit. These a.. Holes will probabaly wont care even if they lose funding. Nothing can work without proper dunda backing it up.
#95
sobank
-
- +Senior Moderator
-
- 11,112 posts
GENERAL
- Gender:Male
- Location:Toronto,Canada
Posted 12 January 2011 - 07:20 PM
QUOTE (Wing Commander @ Jan 12 2011, 04:24 PM) <{POST_SNAPBACK}>
as I said previously the key line is underlined. Most of the Pakistani press and many here on PDF immediately thought bribes had been paid for favours, without a shred of evidence.
Would u really blame any of us???
#96
wasim80
-
- Full Members
-
- 379 posts
COLONEL
Posted 12 January 2011 - 08:39 PM
Reko Diq gold mine reserves
ISLAMABAD: Member Planning Commission and prominent scientist Dr Samar Mubarakmand told the Supreme Court on Wednesday that Pakistan was bestowed with technical people who could utilise their expertise for the exploration of natural resources in Balochistan Reko Diq area.
A three-member bench of the apex court, headed by Chief Justice Iftikhar Muhammad Chaudhry, was hearing a case against leasing out gold and copper mines, including the world’s biggest gold mine having worth over $260 billion reserves situated at Reko Diq in Balochistan, to foreign companies by the federal government.
The News on November 3, 2010 had reported that some 20 top corporate bosses and lobbyists of two of the world’s largest gold mining groups had been meeting President Asif Zardari, Prime Minister Gilani, State Bank governor and others in Islamabad throughout last week, pressing them to quickly hand over one of the world’s biggest gold and copper treasures found in Balochistan at Reko Diq, worth over $260 billion, to their companies — and for peanuts.
Later, Tariq Asad, advocate, challenged the case in the apex court, giving all the facts unearthed in the story, broken byThe News International.
Dr Saamar Mubarakmand, who was requested to assist the court in the case, submitted before the bench that Pakistan had the capability to have efficient people and experts to explore, mine and refine the natural reserves of gold and copper at Reko Diq in Balochistan. He, however, informed the court that Tethyan Commper Company (Pvt) Limited (TCC) wants to take the raw material abroad.
He said currently Balochistan gets $160 million annually, however, after some time it would get $2 billion, which would change its fate by bringing prosperity. Justice Khalilur Rehman Ramday said if the company takes away the raw material abroad, then how its worth would be estimated?
TCC’s economic adviser Dr Zubair then said the quantity and value of natural reserves at Reko Diq was not a secret, instead it was no record. He said if protection was ensured, the investment would ultimately increase. He further said that natural reserves of minerals existed in Balochistan from thousands of years; however, the credit of their exploration goes to the TCC.
He said the company would also spend over $400 million on social sector. He said from where, the government having fiscal deficit of expected eight per cent of GDP, would bring huge money for carrying out the project by its own. He said if production would increase, it would be beneficial for Balochistan as it would get more share. He said the company had invested over $400 million in Balochistan, which would give benefit to the people of the province. He said Pakistan lacked opportunities of investment.
The chief justice told Dr Zubair that “You have no need to serve the government as Pakistan is an able and sovereign country, having capabilities of doing its work.” Dr Samar said although the mining of uranium was a very difficult job, however, they could do it at local level. He said the Reko Diq mines had only 0.02 per cent of uranium reserves, whose mining was quite difficult. He said the Balochistan Assembly had passed a resolution for carrying out the exploration and refining of gold and copper of Reko Diq at local level.
He said the mining and refining of gold and copper could be carried out at local level, adding Pakistan had both the manpower and technical facilities to do it. He said the company would give $160 million to the government annually; however, if the government would do it by its own, it would earn $2 billion annually.
He said the task assigned to the TCC could be carried out at the local level at 78 per cent low spending. He said the company would not refine the metals here and would take them abroad. He said if the metals would be refined at local level, anything else, which would come out during refining, would be the property of Pakistan.
The Director General (Minerals) of the Petroleum Ministry, Dr Irshad, told the court that to finalise the agreement with the TCC in 2007, a committee consisting of five federal secretaries was formed, but the talks between the company and the committee remained inconclusive as the company was willing to give only two per cent royalty to the government against the demand of five per cent. He said no violation of rules and regulation as well as national interest was committed while awarding the exploration and mining contract to the company.
Barrister Zafrullah Khan, another petitioner, also appeared before the court in the case. Meanwhile, the court adjourned the hearing till today (Thursday). Later, talking to reporters, Dr Samar Mubarakmand said that we are a quite consolidated nation having expertise in various fields. He said that the resources of the country could be utilised for exploration of reserves of gold and copper in the Reko Diq area of Balochistan.
http://www.thenews.c...mp;dt=1/13/2011
ISLAMABAD: Member Planning Commission and prominent scientist Dr Samar Mubarakmand told the Supreme Court on Wednesday that Pakistan was bestowed with technical people who could utilise their expertise for the exploration of natural resources in Balochistan Reko Diq area.
A three-member bench of the apex court, headed by Chief Justice Iftikhar Muhammad Chaudhry, was hearing a case against leasing out gold and copper mines, including the world’s biggest gold mine having worth over $260 billion reserves situated at Reko Diq in Balochistan, to foreign companies by the federal government.
The News on November 3, 2010 had reported that some 20 top corporate bosses and lobbyists of two of the world’s largest gold mining groups had been meeting President Asif Zardari, Prime Minister Gilani, State Bank governor and others in Islamabad throughout last week, pressing them to quickly hand over one of the world’s biggest gold and copper treasures found in Balochistan at Reko Diq, worth over $260 billion, to their companies — and for peanuts.
Later, Tariq Asad, advocate, challenged the case in the apex court, giving all the facts unearthed in the story, broken byThe News International.
Dr Saamar Mubarakmand, who was requested to assist the court in the case, submitted before the bench that Pakistan had the capability to have efficient people and experts to explore, mine and refine the natural reserves of gold and copper at Reko Diq in Balochistan. He, however, informed the court that Tethyan Commper Company (Pvt) Limited (TCC) wants to take the raw material abroad.
He said currently Balochistan gets $160 million annually, however, after some time it would get $2 billion, which would change its fate by bringing prosperity. Justice Khalilur Rehman Ramday said if the company takes away the raw material abroad, then how its worth would be estimated?
TCC’s economic adviser Dr Zubair then said the quantity and value of natural reserves at Reko Diq was not a secret, instead it was no record. He said if protection was ensured, the investment would ultimately increase. He further said that natural reserves of minerals existed in Balochistan from thousands of years; however, the credit of their exploration goes to the TCC.
He said the company would also spend over $400 million on social sector. He said from where, the government having fiscal deficit of expected eight per cent of GDP, would bring huge money for carrying out the project by its own. He said if production would increase, it would be beneficial for Balochistan as it would get more share. He said the company had invested over $400 million in Balochistan, which would give benefit to the people of the province. He said Pakistan lacked opportunities of investment.
The chief justice told Dr Zubair that “You have no need to serve the government as Pakistan is an able and sovereign country, having capabilities of doing its work.” Dr Samar said although the mining of uranium was a very difficult job, however, they could do it at local level. He said the Reko Diq mines had only 0.02 per cent of uranium reserves, whose mining was quite difficult. He said the Balochistan Assembly had passed a resolution for carrying out the exploration and refining of gold and copper of Reko Diq at local level.
He said the mining and refining of gold and copper could be carried out at local level, adding Pakistan had both the manpower and technical facilities to do it. He said the company would give $160 million to the government annually; however, if the government would do it by its own, it would earn $2 billion annually.
He said the task assigned to the TCC could be carried out at the local level at 78 per cent low spending. He said the company would not refine the metals here and would take them abroad. He said if the metals would be refined at local level, anything else, which would come out during refining, would be the property of Pakistan.
The Director General (Minerals) of the Petroleum Ministry, Dr Irshad, told the court that to finalise the agreement with the TCC in 2007, a committee consisting of five federal secretaries was formed, but the talks between the company and the committee remained inconclusive as the company was willing to give only two per cent royalty to the government against the demand of five per cent. He said no violation of rules and regulation as well as national interest was committed while awarding the exploration and mining contract to the company.
Barrister Zafrullah Khan, another petitioner, also appeared before the court in the case. Meanwhile, the court adjourned the hearing till today (Thursday). Later, talking to reporters, Dr Samar Mubarakmand said that we are a quite consolidated nation having expertise in various fields. He said that the resources of the country could be utilised for exploration of reserves of gold and copper in the Reko Diq area of Balochistan.
http://www.thenews.c...mp;dt=1/13/2011
#97
wasim80
-
- Full Members
-
- 379 posts
COLONEL
Posted 13 January 2011 - 04:19 AM
Reko Diq: Pakistan risks squandering billions in questionable deal
Multi-billion-dollar project placed at the mercy of consortium companies who may walk away with its riches.
KARACHI: In what is being described as the most unfair business deal of the decade, the multi-billion-dollar Reko Diq copper-and-gold project has been placed at the mercy of a consortium of companies who may walk away with its riches, robbing the country of a golden opportunity to lift itself out of its growing external debt.
The consortium will take away 75 per cent of the income while the Balochistan government will get a paltry 25 per cent of share from the project as part of the terms of agreement.
Geologists have estimated that Reko Diq contains mineral deposits worth $500 billion and if the authorities did not take action immediately, this golden opportunity of turning around Pakistan’s fate will be lost.
Preparations are believed to be under way to sign agreements for mining and excavation with a consortium of foreign companies without any effort being made to estimate the actual worth of the vast gold and copper reserves found in the Chaghi district of Balochistan. According to geologists the actual worth of the reserves can be upwards of $500 billion. Economists say that the reserves are not only a solution to the nation’s economic woes, but can also help wipe out Pakistan’s debt.
Geologists associated with the Geological Survey of Pakistan had discovered huge reserves of gold and copper in Chaghi and adjoining areas in 1978-79.
After this discovery, international consultants of repute were commissioned to prepare feasibility studies about Saindak under the supervision of the Resource Development Corporation. They included Mountains Estates Enterprises (USA), Cel Trust Engineering (UK), Oto Kumpo (Finland), RTB Bor (Yugoslavia).
But after the Saindak study, instead of appointing international consultants for assessing the value and quantum of Reko Diq reserves, the Balochistan government entered into an agreement in 1993 with an Australian company having vast investments in oil and gas sectors under which 75 per cent of the reserves of Reko Diq were to be given to BHP Billiton, while 25 per cent share was to go to the government of Pakistan.
The drilling work for the feasibility study report was started under this agreement but in 2006, BHP Billiton suddenly sold its shares to Canadian company Barrick Gold which, in turn, sold half of its 75 per cent shares in Tethyan Copper Company (TCC) to Chile’s firm Antofagasta. This means that now Balochistan is owner of 25 per cent share in TCC while Barrick Gold and Antofagasta hold 37.5 per cent share each.
The TCC completed its feasibility report last year and claimed that the feasibility study and social and environmental analysis cost it $250 million while the overall estimate of the project – $3.3 billion – will be spent in the next 56 years.
According to geologists who played important role in the Saindak project, foreign companies make such agreements with developing companies to take advantage of their lack of funds and earn hefty profits by purchasing mineral reserves at throwaway prices.
They said that it was strange that the successful process of Saindak was not replicated in this case.
Analysts said that in Saindak, the drilling was done 91,000 feet deep while the cost was just $20 million while according to the TCC website, drilling on this project was only done till a depth of 21,000 feet.
They also contest the company’s claim about overall cost ($3.3 billion), calling it an exaggerated figure. They said it was not too late to get a consultancy firm hired to conduct a standard study. The services of Pakistani geologists can also be utilized for supervising the drilling work. According to the experts, the Balochistan government is not bound to assign the contract of mining and processing to the same firm which was given the licence for exploration.
Geology expert Dr Suhail M Qureshi said that Deko Riq reserves were being sold at very cheap prices. He said that according to the information received, the average price of gold and copper reserves is agreed to be $4,000 per ton which is too low. He said that an area of 25 square kilometers has been given on a 30 year lease.
Former finance minister Shaukat Tareen said that such conflicts can be averted if transparent procedures are adopted and national interest remains uppermost when concluding agreements for natural resources. He said that all the steps that the government of Balochistan is taking now to make the deal transparent should have been taken much earlier.
He said that according to his information, Reko Diq has the fifth largest reserves of gold and copper in the world and under the raw material agreement Pakistan will get $40 billion in 30 years. He said that if Pakistan makes the agreement for the refining process done in Pakistan, the price and income may increase by 7 to 8 times. He said that according to a safe estimate, the income can be raised to $500 billion.
According to Tethyan Copper Company spokesperson Ms Samia Ali Shah (Manager Corporate Communications) the total investment of the present co-owners of TCC is about $435 million, including the cost of acquisition.
Since 2006, about $220 million has been spent on exploration and technical studies. For mining and processing plant another “$3.3 billion will be required”
According to Ms Shah, once the Supreme Court hands down its verdict and all the negotiations are completed and necessary agreements signed, it will take about four years to build the infrastructure required to make the mine operational.
This means that any income from Deko Riq is not possible before 2015.
She confirmed that TCC is working under the same terms and conditions that BHP and government of Balochistan agreed upon in 1993.
She said that so far the feasibility study and environmental and social impact assessment reports have been completed and these are important milestones in the mining cycle which establish whether the project is financially and technically viable.
Published in The Express Tribune, January 12th, 2011.
http://tribune.com.p...stionable-deal/
Multi-billion-dollar project placed at the mercy of consortium companies who may walk away with its riches.
KARACHI: In what is being described as the most unfair business deal of the decade, the multi-billion-dollar Reko Diq copper-and-gold project has been placed at the mercy of a consortium of companies who may walk away with its riches, robbing the country of a golden opportunity to lift itself out of its growing external debt.
The consortium will take away 75 per cent of the income while the Balochistan government will get a paltry 25 per cent of share from the project as part of the terms of agreement.
Geologists have estimated that Reko Diq contains mineral deposits worth $500 billion and if the authorities did not take action immediately, this golden opportunity of turning around Pakistan’s fate will be lost.
Preparations are believed to be under way to sign agreements for mining and excavation with a consortium of foreign companies without any effort being made to estimate the actual worth of the vast gold and copper reserves found in the Chaghi district of Balochistan. According to geologists the actual worth of the reserves can be upwards of $500 billion. Economists say that the reserves are not only a solution to the nation’s economic woes, but can also help wipe out Pakistan’s debt.
Geologists associated with the Geological Survey of Pakistan had discovered huge reserves of gold and copper in Chaghi and adjoining areas in 1978-79.
After this discovery, international consultants of repute were commissioned to prepare feasibility studies about Saindak under the supervision of the Resource Development Corporation. They included Mountains Estates Enterprises (USA), Cel Trust Engineering (UK), Oto Kumpo (Finland), RTB Bor (Yugoslavia).
But after the Saindak study, instead of appointing international consultants for assessing the value and quantum of Reko Diq reserves, the Balochistan government entered into an agreement in 1993 with an Australian company having vast investments in oil and gas sectors under which 75 per cent of the reserves of Reko Diq were to be given to BHP Billiton, while 25 per cent share was to go to the government of Pakistan.
The drilling work for the feasibility study report was started under this agreement but in 2006, BHP Billiton suddenly sold its shares to Canadian company Barrick Gold which, in turn, sold half of its 75 per cent shares in Tethyan Copper Company (TCC) to Chile’s firm Antofagasta. This means that now Balochistan is owner of 25 per cent share in TCC while Barrick Gold and Antofagasta hold 37.5 per cent share each.
The TCC completed its feasibility report last year and claimed that the feasibility study and social and environmental analysis cost it $250 million while the overall estimate of the project – $3.3 billion – will be spent in the next 56 years.
According to geologists who played important role in the Saindak project, foreign companies make such agreements with developing companies to take advantage of their lack of funds and earn hefty profits by purchasing mineral reserves at throwaway prices.
They said that it was strange that the successful process of Saindak was not replicated in this case.
Analysts said that in Saindak, the drilling was done 91,000 feet deep while the cost was just $20 million while according to the TCC website, drilling on this project was only done till a depth of 21,000 feet.
They also contest the company’s claim about overall cost ($3.3 billion), calling it an exaggerated figure. They said it was not too late to get a consultancy firm hired to conduct a standard study. The services of Pakistani geologists can also be utilized for supervising the drilling work. According to the experts, the Balochistan government is not bound to assign the contract of mining and processing to the same firm which was given the licence for exploration.
Geology expert Dr Suhail M Qureshi said that Deko Riq reserves were being sold at very cheap prices. He said that according to the information received, the average price of gold and copper reserves is agreed to be $4,000 per ton which is too low. He said that an area of 25 square kilometers has been given on a 30 year lease.
Former finance minister Shaukat Tareen said that such conflicts can be averted if transparent procedures are adopted and national interest remains uppermost when concluding agreements for natural resources. He said that all the steps that the government of Balochistan is taking now to make the deal transparent should have been taken much earlier.
He said that according to his information, Reko Diq has the fifth largest reserves of gold and copper in the world and under the raw material agreement Pakistan will get $40 billion in 30 years. He said that if Pakistan makes the agreement for the refining process done in Pakistan, the price and income may increase by 7 to 8 times. He said that according to a safe estimate, the income can be raised to $500 billion.
According to Tethyan Copper Company spokesperson Ms Samia Ali Shah (Manager Corporate Communications) the total investment of the present co-owners of TCC is about $435 million, including the cost of acquisition.
Since 2006, about $220 million has been spent on exploration and technical studies. For mining and processing plant another “$3.3 billion will be required”
According to Ms Shah, once the Supreme Court hands down its verdict and all the negotiations are completed and necessary agreements signed, it will take about four years to build the infrastructure required to make the mine operational.
This means that any income from Deko Riq is not possible before 2015.
She confirmed that TCC is working under the same terms and conditions that BHP and government of Balochistan agreed upon in 1993.
She said that so far the feasibility study and environmental and social impact assessment reports have been completed and these are important milestones in the mining cycle which establish whether the project is financially and technically viable.
Published in The Express Tribune, January 12th, 2011.
http://tribune.com.p...stionable-deal/
#98
Tarbela
-
- Senior Members
-
- 2,404 posts
BRIGADIER
- Gender:Male
- Location:USA
Posted 13 January 2011 - 10:53 AM
Dr Mubarakmand wondered if Pakistan could develop nuclear technology by reducing defence budget, why could it not develop mining technology. It would also help boost foreign exchange reserves and establish the downstream industry, the scientist said while talking to reporters.
“This technology is similar to uranium mining. The digging process will also help excavate a number of precious minerals, including zirconium and cobalt,” he said, adding that about 400 square kilometres of land had been leased out to the foreign firm, but it had dug only six to seven sq-km over the past three years — only two to three per cent of the total area.
Dr Mubarakmand said that mines in Reko Diq had 0.025 per cent reserves of precious metals. The country, he said, had the capability to process these metals. He said the foreign firm would fetch an estimated profit of $104 billion from the digging site. Right now the firm’s owners wanted to ship the extracted raw mineral outside the country for refining.
“This technology is similar to uranium mining. The digging process will also help excavate a number of precious minerals, including zirconium and cobalt,” he said, adding that about 400 square kilometres of land had been leased out to the foreign firm, but it had dug only six to seven sq-km over the past three years — only two to three per cent of the total area.
Dr Mubarakmand said that mines in Reko Diq had 0.025 per cent reserves of precious metals. The country, he said, had the capability to process these metals. He said the foreign firm would fetch an estimated profit of $104 billion from the digging site. Right now the firm’s owners wanted to ship the extracted raw mineral outside the country for refining.
" In million of books, there is only word...
If your vision is clear, just Bismillah is enough for you"
#99
Wing Commander
-
- Senior Members
-
- 1,886 posts
BRIGADIER
- Gender:Male
- Interests:Politics, Muslim Affairs
- Location:Woking, UK
Posted 13 January 2011 - 04:41 PM
these articles are just repeating the same old rubbish that Reko Diq has been signed away. When it quite clearly has not been so, the ignorant Pakistani press (who last week were calling for the execution of Asia bibi) have no clue what they are talking about as usual. The Balochistan Government last month told TCC that they are going to reject their terms, and build the mine and the Smelter themselves with foreign contractors if necessary.
#100
HKK
-
- Senior Members
-
- 3,042 posts
GENERAL
- Gender:Male
Posted 14 January 2011 - 03:54 PM
Screw them. every single ounce of gold and copper is the property of Islamic republic of Pakistan. We should blitz not just reko dek but also north wazirstan and reported gold mines up north in mountains, on war footing, all same time. Start stacking gold in treasury/state bank and push the value of ruppee upwards. who knows, where it would leave Pakistani Ruppee. When our Ruppee is among the strongest currencies, pay off all the debts. Job done. when ruppee is strong, who would care about "forigen investment" when we can buy off foreign assest/companies ourselves.
www.youtube.com/watch?v=opAg3XUJsjk
www.youtube.com/watch?v=S_0F2IJEfmE
www.youtube.com/watch?v=GBJDy6GdlFo&feature=related
Liya jayega tujh se kam, duniya ki imamat ka
In Pakistan's yay or nay, the fate of other nations will be sealed. Insha Allah.
www.youtube.com/watch?v=S_0F2IJEfmE
www.youtube.com/watch?v=GBJDy6GdlFo&feature=related
Liya jayega tujh se kam, duniya ki imamat ka
In Pakistan's yay or nay, the fate of other nations will be sealed. Insha Allah.
#101
Tarbela
-
- Senior Members
-
- 2,404 posts
BRIGADIER
- Gender:Male
- Location:USA
Posted 15 January 2011 - 09:36 AM
QUOTE (HKK @ Jan 14 2011, 04:54 PM) <{POST_SNAPBACK}>
Screw them. every single ounce of gold and copper is the property of Islamic republic of Pakistan. We should blitz not just reko dek but also north wazirstan and reported gold mines up north in mountains, on war footing, all same time. Start stacking gold in treasury/state bank and push the value of ruppee upwards. who knows, where it would leave Pakistani Ruppee. When our Ruppee is among the strongest currencies, pay off all the debts. Job done. when ruppee is strong, who would care about "forigen investment" when we can buy off foreign assest/companies ourselves.
True, this should be the spirit of every Pakistani.
" In million of books, there is only word...
If your vision is clear, just Bismillah is enough for you"
#102
Tarbela
-
- Senior Members
-
- 2,404 posts
BRIGADIER
- Gender:Male
- Location:USA
Posted 18 January 2011 - 11:50 AM
SC serves court contempt notice on foreign company
ISLAMABAD: The Supreme Court on Monday issued a contempt of court notice to Tethyan Copper Company (TCC), for launching an advertisement campaign in the print media over Reko Diq project despite the fact that the matter was sub judice.
Barrister Zafrullah Khan of the Watan Party had filed a petition against TCC, asking the court to issue a contempt of court notice to the company for running an advertisement campaign in the print media against the law. The court directed the company to filed its reply on the issue by 19th.
The court also expressed annoyance over the federal and Balochistan governments for failing to file their replies on a petition, challenging the leasing of Reko Diq gold and copper mines in Balochistan worth over $260 billion to foreign exploration companies.
" In million of books, there is only word...
If your vision is clear, just Bismillah is enough for you"
#103
Tarbela
-
- Senior Members
-
- 2,404 posts
BRIGADIER
- Gender:Male
- Location:USA
Posted 25 January 2011 - 08:26 AM
Reko Diq project will earn $13bn for Balochistan: CEO TTC
Chief Executive Officer of Tethyan Copper Company (TCC) and senior vice president Capital Projects for Antofagasta Plc (a Chilean company) Gerhard Von Borries on Tuesday contended before the Supreme Court that the Reko Diq copper and gold mines project would create job and business opportunities in Balochistan as $US13 billion (52 per cent share) out of total US$ 25 billion operating profit would be given to Balochistan government.
He was giving a presentation before a four-Judge bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Muhammad Sair Ali, Justice Ghulam Rabbani and Justice Khalil ur Rehman Ramday over the issue of award of contract for mining and exploration of copper and gold reserves in Balochistan.
He said currently a team of 30 geologists along with 200 trained workers had been working at the site and once the project headed on, they would employe 11,500 residents to be trained in the relevant filed.
Among these geologists, 90 per cent were from the Balochistan province, he added.
He said they were working on an area of 535 square feet area which was made 0.2 per cent of the whole Chaghi area.
To a bench's query, he replied that deposits in the area contained 80 per cent copper and 20 per cent gold.The fifty per cent investment cost would be spent inside the country and manufacturing work would be carried out in the country as well, he added.
He said the mining and exploration was a difficult process which requires state of the art technology and highly trained professionals.
To Chief Justice's question, he said smeltering process (a process in extractive metallurgy used to produce a metal from its ore) could be done in Pakistan but the TCC was not a smeltering company.
He said for exploration of copper reserves in the specified area, the Company had invested 220 million US$ while the initial capital cost stood around 3.299 billion $US.
He said with expansion of Reko Diq project, Pakistan companies doing manufacturing business would be invited to get maximum benefits.
Borries further said that other companies who were given contracts had fled from the area but they were staying there with focussed task.
He said their predecessor BHP, a major company, had left the area but they were task focussed.
"I assure you that there are five to eight more Reko Diq like reserves in the area," he added.
The CEO said that they had shared feasibility report with the provincial government.
Giving further information, he said there were about 2.2 billion tons of copper reserves in the area with $2.20/pd for copper and $9.25 oz for gold.
"The government of Balochistan has asked us not to share details of contract with the Federation but we will feel pleasure in sharing if allowed in camera as it falls under Intellectual Property Rights," he added.
He said the company would be happy it was scrutinized by an international independent party.
He said they were arranging loans from the banks under guarantees and did not need to underestimate or overestimate the figures.
Terming Reko Diq area as the finest mining place, he said if copper prices went down they would be able to operate without going into the losses.
To bench's other question he said the
"If Reko Diq project is expanded these Chinese and Japanese smeltering companies will come here seeking permission for setting up their machinery," he added.
He said they would also provide other basic facilities in the area and would run their own transport for the workers.
He said the TCC had been working on billions dollars projects worldwide including in Chile which had 46 per cent copper reserves in the world.
Raza Kazim, counsel for Maulana Abdul Haq a petitioner, appeared and said that
.
Copyright APP (Associated Press of Pakistan), 2011
Chief Executive Officer of Tethyan Copper Company (TCC) and senior vice president Capital Projects for Antofagasta Plc (a Chilean company) Gerhard Von Borries on Tuesday contended before the Supreme Court that the Reko Diq copper and gold mines project would create job and business opportunities in Balochistan as $US13 billion (52 per cent share) out of total US$ 25 billion operating profit would be given to Balochistan government.
He was giving a presentation before a four-Judge bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Muhammad Sair Ali, Justice Ghulam Rabbani and Justice Khalil ur Rehman Ramday over the issue of award of contract for mining and exploration of copper and gold reserves in Balochistan.
He said currently a team of 30 geologists along with 200 trained workers had been working at the site and once the project headed on, they would employe 11,500 residents to be trained in the relevant filed.
Among these geologists, 90 per cent were from the Balochistan province, he added.
He said they were working on an area of 535 square feet area which was made 0.2 per cent of the whole Chaghi area.
To a bench's query, he replied that deposits in the area contained 80 per cent copper and 20 per cent gold.The fifty per cent investment cost would be spent inside the country and manufacturing work would be carried out in the country as well, he added.
He said the mining and exploration was a difficult process which requires state of the art technology and highly trained professionals.
To Chief Justice's question, he said smeltering process (a process in extractive metallurgy used to produce a metal from its ore) could be done in Pakistan but the TCC was not a smeltering company.
He said for exploration of copper reserves in the specified area, the Company had invested 220 million US$ while the initial capital cost stood around 3.299 billion $US.
He said with expansion of Reko Diq project, Pakistan companies doing manufacturing business would be invited to get maximum benefits.
Borries further said that other companies who were given contracts had fled from the area but they were staying there with focussed task.
He said their predecessor BHP, a major company, had left the area but they were task focussed.
"I assure you that there are five to eight more Reko Diq like reserves in the area," he added.
The CEO said that they had shared feasibility report with the provincial government.
Giving further information, he said there were about 2.2 billion tons of copper reserves in the area with $2.20/pd for copper and $9.25 oz for gold.
"The government of Balochistan has asked us not to share details of contract with the Federation but we will feel pleasure in sharing if allowed in camera as it falls under Intellectual Property Rights," he added.
He said the company would be happy it was scrutinized by an international independent party.
He said they were arranging loans from the banks under guarantees and did not need to underestimate or overestimate the figures.
Terming Reko Diq area as the finest mining place, he said if copper prices went down they would be able to operate without going into the losses.
To bench's other question he said the
"If Reko Diq project is expanded these Chinese and Japanese smeltering companies will come here seeking permission for setting up their machinery," he added.
He said they would also provide other basic facilities in the area and would run their own transport for the workers.
He said the TCC had been working on billions dollars projects worldwide including in Chile which had 46 per cent copper reserves in the world.
Raza Kazim, counsel for Maulana Abdul Haq a petitioner, appeared and said that
.
Copyright APP (Associated Press of Pakistan), 2011
" In million of books, there is only word...
If your vision is clear, just Bismillah is enough for you"
#104
Tarbela
-
- Senior Members
-
- 2,404 posts
BRIGADIER
- Gender:Male
- Location:USA
Posted 26 January 2011 - 04:19 PM
If pact not signed with any firm: 'Balochistan can carry out Reko Diq project'
ZAFAR BHUTTA
ISLAMABAD (January 26, 2011) : Federal government has agreed with the Balochistan government to carry out Reko Diq Gold/Copper Project from its own financial resources if mining and refining agreement has not been signed with any firm, Business Recorder has learnt.
"If the project is to be bifurcated involving some other companies, the draft agreement shall be vetted by Law and Justice Division to ensure transparency and consistency with international law," sources said adding that project will be funded by Balochistan government from its own Annual Development Plan (ADP). Before launching project, government of Balochistan will check from the courts about litigation on the issue if any.
According to a summary tabled before Executive Committee of National Economic Council (Ecnec) in its meeting held on December 9, 2010, Rekodiq is the fifth largest copper ore reserve in the world with 0.8 percent copper content that would generate annual income of Rs 15.8 billion equivalent $185.25 million.
Department of Mines and Minerals, government of Balochistan envisages creating a facility for processing 15,000 tons per day of copper ore to produce copper metal, and other valuables such as gold, silver, molybdenum and sulphuric Acid etc at Reko Diq. This facility will be for the production of copper and gold ingots only.
A separate project however will be required for conversion of ingots into value added products such as sheets pipes and rods etc as per requirement. It is estimated that annual income of the project on completion would be to the tune of Rs 15, 875.92 million (equivalent to US $185.25 million (@ 1 US$ = Rs 85.70). The recurring cost of the project would be Rs 4770.40 million after completion in four years period.
The project will provide necessary infrastructure and give boost to the mineral sector by exploiting the mineral resources of the country. It will help in achieving self-reliance in the production of copper/gold ingots and some other materials such as Silver, Molybdenum and Sulphuric Acid etc. The project will also help in improving the livelihood of the people of Balochistan by providing direct employment to 917 persons and generating economic activity in the area. The plant and equipment required for the project would be designed and manufactured locally using the expertise and engineering / industrial base available in the country.
The project was considered by the CDWP in its meeting held on 18 March 2010. The CDWP recommended the project for submission to ECNEC at an estimated cost of Rs 8698.70 million including foreign exchange components of Rs 3489.70 million. ECNEC in its meeting held on 21-11-2010 while approving the project on "Quetta Water Supply and Environmental Improvement Project (QWSIP) Revised" also directed that all projects costing over Rupees one billion must have programme audit from firms of repute.
This will be conducted as informal audit every six months and formal audit after every year to ensure: (i) transparency; (ii) timely execution of projects; and (iii) ensure financial propriety. The State Bank of Pakistan (SBP) maintains a list of reputed auditors.
In light of ECNEC directions,
the Sponsoring Agency would arrange Program audit of Rekodiq project through reputed audit firms, which are enlisted with the state Bank of Pakistan. The cost of Audit Program will be adjusted within the project cost.
Copyright Business Recorder, 2011
ZAFAR BHUTTA
ISLAMABAD (January 26, 2011) : Federal government has agreed with the Balochistan government to carry out Reko Diq Gold/Copper Project from its own financial resources if mining and refining agreement has not been signed with any firm, Business Recorder has learnt.
"If the project is to be bifurcated involving some other companies, the draft agreement shall be vetted by Law and Justice Division to ensure transparency and consistency with international law," sources said adding that project will be funded by Balochistan government from its own Annual Development Plan (ADP). Before launching project, government of Balochistan will check from the courts about litigation on the issue if any.
According to a summary tabled before Executive Committee of National Economic Council (Ecnec) in its meeting held on December 9, 2010, Rekodiq is the fifth largest copper ore reserve in the world with 0.8 percent copper content that would generate annual income of Rs 15.8 billion equivalent $185.25 million.
Department of Mines and Minerals, government of Balochistan envisages creating a facility for processing 15,000 tons per day of copper ore to produce copper metal, and other valuables such as gold, silver, molybdenum and sulphuric Acid etc at Reko Diq. This facility will be for the production of copper and gold ingots only.
A separate project however will be required for conversion of ingots into value added products such as sheets pipes and rods etc as per requirement. It is estimated that annual income of the project on completion would be to the tune of Rs 15, 875.92 million (equivalent to US $185.25 million (@ 1 US$ = Rs 85.70). The recurring cost of the project would be Rs 4770.40 million after completion in four years period.
The project will provide necessary infrastructure and give boost to the mineral sector by exploiting the mineral resources of the country. It will help in achieving self-reliance in the production of copper/gold ingots and some other materials such as Silver, Molybdenum and Sulphuric Acid etc. The project will also help in improving the livelihood of the people of Balochistan by providing direct employment to 917 persons and generating economic activity in the area. The plant and equipment required for the project would be designed and manufactured locally using the expertise and engineering / industrial base available in the country.
The project was considered by the CDWP in its meeting held on 18 March 2010. The CDWP recommended the project for submission to ECNEC at an estimated cost of Rs 8698.70 million including foreign exchange components of Rs 3489.70 million. ECNEC in its meeting held on 21-11-2010 while approving the project on "Quetta Water Supply and Environmental Improvement Project (QWSIP) Revised" also directed that all projects costing over Rupees one billion must have programme audit from firms of repute.
This will be conducted as informal audit every six months and formal audit after every year to ensure: (i) transparency; (ii) timely execution of projects; and (iii) ensure financial propriety. The State Bank of Pakistan (SBP) maintains a list of reputed auditors.
In light of ECNEC directions,
the Sponsoring Agency would arrange Program audit of Rekodiq project through reputed audit firms, which are enlisted with the state Bank of Pakistan. The cost of Audit Program will be adjusted within the project cost.
Copyright Business Recorder, 2011
" In million of books, there is only word...
If your vision is clear, just Bismillah is enough for you"
#105
Tarbela
-
- Senior Members
-
- 2,404 posts
BRIGADIER
- Gender:Male
- Location:USA
Posted 26 January 2011 - 04:22 PM
Balochistan will earn $13 billion, CEO TTC tells Supreme Court
ISLAMABAD (January 26, 2011) : The Supreme Court was told on Tuesday that Reko Diq copper gold mines project would help strengthen the livelihoods of poverty-stricken province of Balochistan as 13 billion dollars (52 percent share) out of total 25 billion dollars, operating profit would be given to Balochistan government.
This was stated by chief executive officer Tethyan Copper Company (TCC) and senior vice president capital projects for Antofagasta PLC (a Chilean company) Gerhard Von Borries while giving a briefing to a four-member bench of Supreme Court, comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Muhammad Sair Ali, Justice Ghulam Rabbani and Justice Khalil-ur-Rehman Ramday over award of Reko-Diq project in Balochistan.
RECORDER REPORT
ISLAMABAD (January 26, 2011) : The Supreme Court was told on Tuesday that Reko Diq copper gold mines project would help strengthen the livelihoods of poverty-stricken province of Balochistan as 13 billion dollars (52 percent share) out of total 25 billion dollars, operating profit would be given to Balochistan government.
This was stated by chief executive officer Tethyan Copper Company (TCC) and senior vice president capital projects for Antofagasta PLC (a Chilean company) Gerhard Von Borries while giving a briefing to a four-member bench of Supreme Court, comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Muhammad Sair Ali, Justice Ghulam Rabbani and Justice Khalil-ur-Rehman Ramday over award of Reko-Diq project in Balochistan.
RECORDER REPORT
" In million of books, there is only word...
If your vision is clear, just Bismillah is enough for you"
#106
HKK
-
- Senior Members
-
- 3,042 posts
GENERAL
- Gender:Male
Posted 28 January 2011 - 06:20 AM
http://nation.com.pk...ike-gifts-in-93
Reko Diq case: Ramday says foreign companies given contracts like gifts in 93
Justice Khalil-ur-Rehman Ramday on Friday suspected the mental health of those who awarded mining contract to a foreign companies like a gift in 1993.
He observed this while hearing a number of petitions challenging the award of the contract to the TCC – a Canadian consortium of Barrick Gold and Antofagasta Minerals – for exploring gold and copper in Reko Diq, a small desert town in Chagai district of Balochistan, a private TV reported.
Four-member bench hearing the case comprised Chief Justice Iftikhar Mohammad Chaudhry, Justice Mohammad Sair Ali, Justice Ghulam Rabbani and Justice Khalilur Rehman Ramday.
Advocate General Balochistan Salahuddin Mengal presented before the court details of the mining licenses awarded to the foreign companies, saying that of the 10 licenses 8 were surrendered in 1998.
He further told the court that the first license was given in 1993 with the approval of the Governor.On that the court observed that Governor has no authority to award such contracts. Mengal asked the court to order investigation about the officials involved in the abovesaid process, and added that the companies earn $60million profit but had not given anything to Balochistan government. In 2006, Barrick Gold and Antofagasta Minerals companies bought shares of BHP Company while the exploration license of TCC is going to be expired in February, the court was told.
Deploring the whole process, Justice Ramday maintained, [b]“I suspect the mental health of all the officials who awarded licenses to the foreign companies in 1993 like gifts in a basket”. [/b]The case was deferred till January 31.
Reko Diq case: Ramday says foreign companies given contracts like gifts in 93
Justice Khalil-ur-Rehman Ramday on Friday suspected the mental health of those who awarded mining contract to a foreign companies like a gift in 1993.
He observed this while hearing a number of petitions challenging the award of the contract to the TCC – a Canadian consortium of Barrick Gold and Antofagasta Minerals – for exploring gold and copper in Reko Diq, a small desert town in Chagai district of Balochistan, a private TV reported.
Four-member bench hearing the case comprised Chief Justice Iftikhar Mohammad Chaudhry, Justice Mohammad Sair Ali, Justice Ghulam Rabbani and Justice Khalilur Rehman Ramday.
Advocate General Balochistan Salahuddin Mengal presented before the court details of the mining licenses awarded to the foreign companies, saying that of the 10 licenses 8 were surrendered in 1998.
He further told the court that the first license was given in 1993 with the approval of the Governor.On that the court observed that Governor has no authority to award such contracts. Mengal asked the court to order investigation about the officials involved in the abovesaid process, and added that the companies earn $60million profit but had not given anything to Balochistan government. In 2006, Barrick Gold and Antofagasta Minerals companies bought shares of BHP Company while the exploration license of TCC is going to be expired in February, the court was told.
Deploring the whole process, Justice Ramday maintained, [b]“I suspect the mental health of all the officials who awarded licenses to the foreign companies in 1993 like gifts in a basket”. [/b]The case was deferred till January 31.
www.youtube.com/watch?v=opAg3XUJsjk
www.youtube.com/watch?v=S_0F2IJEfmE
www.youtube.com/watch?v=GBJDy6GdlFo&feature=related
Liya jayega tujh se kam, duniya ki imamat ka
In Pakistan's yay or nay, the fate of other nations will be sealed. Insha Allah.
www.youtube.com/watch?v=S_0F2IJEfmE
www.youtube.com/watch?v=GBJDy6GdlFo&feature=related
Liya jayega tujh se kam, duniya ki imamat ka
In Pakistan's yay or nay, the fate of other nations will be sealed. Insha Allah.
#107
Tarbela
-
- Senior Members
-
- 2,404 posts
BRIGADIER
- Gender:Male
- Location:USA
Posted 28 January 2011 - 09:22 AM
Govt submits exploration licenses in Reko Diq case
KARACHI: The government of Pakistan submitted all the details about the exploration licenses of different companies involved in copper and gold search at Reko Diq in the Supreme Court.
A four member bench headed by the Chief Justice chaired the hearing of the case. Justice Khalil-ur-Rehman Ramday said that he was suspicious about the frame of mind of those involved in the agreement.
“Every thing was handed as a gift basket in 1993,” he said.
The Advocate General of Balochistan, Salahuddin Mengal told the court that eight out of 10 exploration companies took back their licenses in 1998, while the first license was issued to the PHP company in 1993 after the approval of the Governor of Balochistan.
The court then asked if the governor had any authority to issue the license.
The Advocate General of Balochistan said that the license of Tethyan Copper Company will end on February 20, 2011.
KARACHI: The government of Pakistan submitted all the details about the exploration licenses of different companies involved in copper and gold search at Reko Diq in the Supreme Court.
A four member bench headed by the Chief Justice chaired the hearing of the case. Justice Khalil-ur-Rehman Ramday said that he was suspicious about the frame of mind of those involved in the agreement.
“Every thing was handed as a gift basket in 1993,” he said.
The Advocate General of Balochistan, Salahuddin Mengal told the court that eight out of 10 exploration companies took back their licenses in 1998, while the first license was issued to the PHP company in 1993 after the approval of the Governor of Balochistan.
The court then asked if the governor had any authority to issue the license.
The Advocate General of Balochistan said that the license of Tethyan Copper Company will end on February 20, 2011.
" In million of books, there is only word...
If your vision is clear, just Bismillah is enough for you"
#108
haroons222
-
- Senior Members
-
- 6,512 posts
GENERAL
- Location:U.S.
Posted 28 January 2011 - 05:04 PM
QUOTE (Tarbela @ Jan 28 2011, 10:22 AM) <{POST_SNAPBACK}>
Govt submits exploration licenses in Reko Diq case
KARACHI: The government of Pakistan submitted all the details about the exploration licenses of different companies involved in copper and gold search at Reko Diq in the Supreme Court.
A four member bench headed by the Chief Justice chaired the hearing of the case. Justice Khalil-ur-Rehman Ramday said that he was suspicious about the frame of mind of those involved in the agreement.
“Every thing was handed as a gift basket in 1993,” he said.
The Advocate General of Balochistan, Salahuddin Mengal told the court that eight out of 10 exploration companies took back their licenses in 1998, while the first license was issued to the PHP company in 1993 after the approval of the Governor of Balochistan.
The court then asked if the governor had any authority to issue the license.
The Advocate General of Balochistan said that the license of Tethyan Copper Company will end on February 20, 2011.
KARACHI: The government of Pakistan submitted all the details about the exploration licenses of different companies involved in copper and gold search at Reko Diq in the Supreme Court.
A four member bench headed by the Chief Justice chaired the hearing of the case. Justice Khalil-ur-Rehman Ramday said that he was suspicious about the frame of mind of those involved in the agreement.
“Every thing was handed as a gift basket in 1993,” he said.
The Advocate General of Balochistan, Salahuddin Mengal told the court that eight out of 10 exploration companies took back their licenses in 1998, while the first license was issued to the PHP company in 1993 after the approval of the Governor of Balochistan.
The court then asked if the governor had any authority to issue the license.
The Advocate General of Balochistan said that the license of Tethyan Copper Company will end on February 20, 2011.
Is the S.C. acting out of patriotism or theres something else at play?
CHINESE just made a bid for Reko diq,and unlike TTC, they offered to pay for the building of the mine, all the roads in the area, and some other social development projects!It works well into the establishments longterm partnership with China as well...so its very interesting why so much interest in this all of a sudden. I would still like the chinese to beat the TTC % offer.
Then which of the favours of your Lord will ye deny?
#109
Wing Commander
-
- Senior Members
-
- 1,886 posts
BRIGADIER
- Gender:Male
- Interests:Politics, Muslim Affairs
- Location:Woking, UK
Posted 29 January 2011 - 04:53 AM
unfortunately I'm not sure that the judges are best placed to decide on a good economic deal. Even though I have immense respect for the supreme court.
To understand mining, you need to understand how the global industry works, then you can understand what Nawaz sharif's government was trying to do in that they were breaking red tape to try and get foreign investors and foreign exploration companies to come and explore our mineral deposits. without such exploration we would never have found Reko Diq (it was found by TCC and other foreign mining explorers).
Whilst we have to make sure that Pakistan gets its just revenue from Reko Diq, we also need to make sure TCC is properly compensated. Because if we don't, no one will come and explore our deposits. What we need is a flood of explorers building mines all over our country for that is what is going to kick start our economy and create large numbers of jobs. we need to learn this lesson from the other developing countries like China, Brazil, Russia and even india. thsi is one of the reasons why Goldman Sachs Jim O'Neill included Pakistan in the 'Next Eleven'. We have an economic boom coming and we need to ensure we don't do something that will derail it.
To understand mining, you need to understand how the global industry works, then you can understand what Nawaz sharif's government was trying to do in that they were breaking red tape to try and get foreign investors and foreign exploration companies to come and explore our mineral deposits. without such exploration we would never have found Reko Diq (it was found by TCC and other foreign mining explorers).
Whilst we have to make sure that Pakistan gets its just revenue from Reko Diq, we also need to make sure TCC is properly compensated. Because if we don't, no one will come and explore our deposits. What we need is a flood of explorers building mines all over our country for that is what is going to kick start our economy and create large numbers of jobs. we need to learn this lesson from the other developing countries like China, Brazil, Russia and even india. thsi is one of the reasons why Goldman Sachs Jim O'Neill included Pakistan in the 'Next Eleven'. We have an economic boom coming and we need to ensure we don't do something that will derail it.
#110
Tarbela
-
- Senior Members
-
- 2,404 posts
BRIGADIER
- Gender:Male
- Location:USA
Posted 31 January 2011 - 11:47 AM
QUOTE (Wing Commander @ Jan 29 2011, 05:53 AM) <{POST_SNAPBACK}>
unfortunately I'm not sure that the judges are best placed to decide on a good economic deal. Even though I have immense respect for the supreme court.
To understand mining, you need to understand how the global industry works, then you can understand what Nawaz sharif's government was trying to do in that they were breaking red tape to try and get foreign investors and foreign exploration companies to come and explore our mineral deposits. without such exploration we would never have found Reko Diq (it was found by TCC and other foreign mining explorers).
To understand mining, you need to understand how the global industry works, then you can understand what Nawaz sharif's government was trying to do in that they were breaking red tape to try and get foreign investors and foreign exploration companies to come and explore our mineral deposits. without such exploration we would never have found Reko Diq (it was found by TCC and other foreign mining explorers).
Agreed. that the truth.
" In million of books, there is only word...
If your vision is clear, just Bismillah is enough for you"
#111
Simpleton
-
- Senior Members
-
- 5,035 posts
GENERAL
- Gender:Male
- Location:the plains of despair
Posted 18 February 2011 - 01:41 PM
UPDATE 1-Pakistan to rule on Antofagasta venture soon-report
Fri Feb 18, 2011 11:45am EST
* Court ruling key for approval of Reko Diq mining lease
* Pakistani diplomat says decision expected in a month (Adds joint-venture comments; details on case)
SANTIAGO Feb 18 (Reuters) - Pakistan's top court may rule in a month on a probe which is key for the development of a $3.3 billion copper and gold project owned by Antofagasta and Barrick Gold, a Chilean newspaper reported on Friday, citing a Pakistani diplomat.
The supreme court has barred the local Baluchistan government from deciding on the approval of the Reko Diq mining lease until it rules on an investigation over the awarding of the concession in the past.
Pakistan's ambassador in Chile, Burhanul Islam, told Diario Financiero that "the court's decision is expected in about a month, approximately."
Islam's office in Santiago declined further comment.
Antofagasta (ANTO.L) and Barrick (ABX.TO) joint venture Tethyan Copper Co (TCC) denied a report by Diario Financiero that the court had frozen its exploration concession.
TCC spokeswoman Samia Ali Shah told Reuters that the court has to rule on the concession case before a decision is made on a lease application.
Antofagasta and Barrick declined to comment on the report about the deposit, which has turned into a headache for both companies at times when gold and copper prices hover near all-time highs.
Barrick's Chief Executive Aaron Regent said on Thursday it was too early to include Reko Diq in its reserves.
"Until we have clarity about that, that would be premature for us to include anything in our reserves," Regent told investors in an earnings call. "There is a lot of support for the project, so I would be cautiously optimistic, but I don't want to over-promise anything."
Baluchistan officials warned last year that the province wanted to cancel the project amid growing anger over outsiders exploiting natural resources in Pakistan's poorest region. [ID:nSGE60B07R]
Reko Diq, located in southwest Pakistan, holds an estimated mineral resource of 5.9 billion tonnes with an average copper grade of 0.41 percent and an average gold grade of 0.22 grams a tonne, according to data released by Antofagasta. (Reporting by Zeeshan Haider in Islamabad, Euan Rocha in Toronto and Julie Crust in London; writing by Alonso Soto; editing by Jim Marshall)
Fri Feb 18, 2011 11:45am EST
* Court ruling key for approval of Reko Diq mining lease
* Pakistani diplomat says decision expected in a month (Adds joint-venture comments; details on case)
SANTIAGO Feb 18 (Reuters) - Pakistan's top court may rule in a month on a probe which is key for the development of a $3.3 billion copper and gold project owned by Antofagasta and Barrick Gold, a Chilean newspaper reported on Friday, citing a Pakistani diplomat.
The supreme court has barred the local Baluchistan government from deciding on the approval of the Reko Diq mining lease until it rules on an investigation over the awarding of the concession in the past.
Pakistan's ambassador in Chile, Burhanul Islam, told Diario Financiero that "the court's decision is expected in about a month, approximately."
Islam's office in Santiago declined further comment.
Antofagasta (ANTO.L) and Barrick (ABX.TO) joint venture Tethyan Copper Co (TCC) denied a report by Diario Financiero that the court had frozen its exploration concession.
TCC spokeswoman Samia Ali Shah told Reuters that the court has to rule on the concession case before a decision is made on a lease application.
Antofagasta and Barrick declined to comment on the report about the deposit, which has turned into a headache for both companies at times when gold and copper prices hover near all-time highs.
Barrick's Chief Executive Aaron Regent said on Thursday it was too early to include Reko Diq in its reserves.
"Until we have clarity about that, that would be premature for us to include anything in our reserves," Regent told investors in an earnings call. "There is a lot of support for the project, so I would be cautiously optimistic, but I don't want to over-promise anything."
Baluchistan officials warned last year that the province wanted to cancel the project amid growing anger over outsiders exploiting natural resources in Pakistan's poorest region. [ID:nSGE60B07R]
Reko Diq, located in southwest Pakistan, holds an estimated mineral resource of 5.9 billion tonnes with an average copper grade of 0.41 percent and an average gold grade of 0.22 grams a tonne, according to data released by Antofagasta. (Reporting by Zeeshan Haider in Islamabad, Euan Rocha in Toronto and Julie Crust in London; writing by Alonso Soto; editing by Jim Marshall)
SWEET IS SLEEP TO ME AND EVEN MORE TO BE OF STONE,
WHILE THE WRONG AND SHAME ENDURE.
TO BE WITHOUT SIGHT OR SENSE IS A MOST HAPPY CHANGE FOR ME,
THEREFORE DO NOT ROUSE ME. HUSH! SPEAK LOW.
I said to God "I hate Life" God replied "Who asked you to love life? Just Love me & life will be beautiful"
Living in favorable and unfavorable conditions is PART of living. Smiling in all those conditions is ART of living.
"Anytime you think you need to protect God, you can be sure you're worshiping an idol"
WHILE THE WRONG AND SHAME ENDURE.
TO BE WITHOUT SIGHT OR SENSE IS A MOST HAPPY CHANGE FOR ME,
THEREFORE DO NOT ROUSE ME. HUSH! SPEAK LOW.
I said to God "I hate Life" God replied "Who asked you to love life? Just Love me & life will be beautiful"
Living in favorable and unfavorable conditions is PART of living. Smiling in all those conditions is ART of living.
"Anytime you think you need to protect God, you can be sure you're worshiping an idol"
I've stopped fighting my inner demons. We're on the same side now.
#112
Caesar
-
- Senior Members
-
- 7,155 posts
GENERAL
- Gender:Male
- Location:Australia
- Interests:Current Affairs, politics, Universe, technology, tennis, rugby, beach, and Girls.
- Location:Sydney
Posted 19 February 2011 - 01:21 AM
QUOTE (HKK @ Oct 1 2010, 10:00 PM) <{POST_SNAPBACK}>
For what I know, being an IT professional, the cost of copper cables, cat6 (LAN), have gone up exponentially due to less availibilty of copper.
Copper based transmission media is an obselete technology. These idiots manufacturing copper cables are hell bent of ensuring we live in dinosur ages.
These people should be hanged one by one publically for keeping us backwards, and for damaging the environment.
Humanity's past on this planet is based on the biggest Lie in History--and the same Lie will destroy humans in future! The Truth is infront of us and yet we refuse to accept it, we refuse to see it, we refuse to listen to it. Humans are intelligent and yet the dumbest beings ever!
#113
Tarbela
-
- Senior Members
-
- 2,404 posts
BRIGADIER
- Gender:Male
- Location:USA
Posted 06 March 2012 - 08:46 AM
Reko Diq case: TTCP’s plea for mining licence rejected, SC told
By Hasnaat Malik
ISLAMABAD: The Supreme Court was told on Monday that the government of Balochistan had rejected the plea of Tethyan Copper Company Pakistan (TCCP) Limited for acquiring a mining licence.
The court directed arrangements for the delivery of notice to Tethyan Copper Company Australia (TCCA) regarding the award of a contract to the TCCP.
A three-member bench headed by Chief Justice Iftikhar Muhammad Chaudhry heard the petitions challenging the award of a contract to the TCCP – a Canadian consortium of Barrick Gold and Antofagasta Minerals – for exploring gold and copper at Reko Diq in Chagai district of Balochistan.
Balochistan Advocate General Amanullah Kanrani placed before the bench a copy of the judgement passed by the Mines and Minerals Development Department secretary of the Balochistan government. He informed the court that the secretary had rejected TCCP counsel Khalid Anwar’s application for grant of mining licence to the company.
On the question by the court, the advocate general said that TCCA was the party for the mining of the gold and copper in Reko Diq, while TCCP did not exist in Balochistan. The company is registered in Karachi, therefore, it could not operate in Balochistan.
Khalid Anwar argued that he had not received the copy of the judgement, as after conducting hearing, the judgement was announced and later he learnt through television that the appeal had been dismissed. However, Kanrani submitted a copy of the judgement in the court.
The chief justice directed that the court ordered should be implemented. On last hearing, the office was directed to issue a notice to the TCCA at the cost of the petitioner. “No report has so far been received, therefore, we direct the registrar to immediately repeat the process under his signatures by adopting the methods already prescribed in the order,” the court observed.
Khalid Anwar will present the TCCP’s version regarding rejection of the appeal by the secretary today (Tuesday).
By Hasnaat Malik
ISLAMABAD: The Supreme Court was told on Monday that the government of Balochistan had rejected the plea of Tethyan Copper Company Pakistan (TCCP) Limited for acquiring a mining licence.
The court directed arrangements for the delivery of notice to Tethyan Copper Company Australia (TCCA) regarding the award of a contract to the TCCP.
A three-member bench headed by Chief Justice Iftikhar Muhammad Chaudhry heard the petitions challenging the award of a contract to the TCCP – a Canadian consortium of Barrick Gold and Antofagasta Minerals – for exploring gold and copper at Reko Diq in Chagai district of Balochistan.
Balochistan Advocate General Amanullah Kanrani placed before the bench a copy of the judgement passed by the Mines and Minerals Development Department secretary of the Balochistan government. He informed the court that the secretary had rejected TCCP counsel Khalid Anwar’s application for grant of mining licence to the company.
On the question by the court, the advocate general said that TCCA was the party for the mining of the gold and copper in Reko Diq, while TCCP did not exist in Balochistan. The company is registered in Karachi, therefore, it could not operate in Balochistan.
Khalid Anwar argued that he had not received the copy of the judgement, as after conducting hearing, the judgement was announced and later he learnt through television that the appeal had been dismissed. However, Kanrani submitted a copy of the judgement in the court.
The chief justice directed that the court ordered should be implemented. On last hearing, the office was directed to issue a notice to the TCCA at the cost of the petitioner. “No report has so far been received, therefore, we direct the registrar to immediately repeat the process under his signatures by adopting the methods already prescribed in the order,” the court observed.
Khalid Anwar will present the TCCP’s version regarding rejection of the appeal by the secretary today (Tuesday).
" In million of books, there is only word...
If your vision is clear, just Bismillah is enough for you"
#114
Tarbela
-
- Senior Members
-
- 2,404 posts
BRIGADIER
- Gender:Male
- Location:USA
Posted 13 March 2012 - 06:54 AM
SC grants TCCA 15 days to file reply in Reko Diq case 
Daily Times
ISLAMABAD: The Supreme Court of Pakistan accepted the plea of the Tethyan Copper Company Australia (TCCA) for grant of time to file a reply in the Reko Diq case, allowing the company a duration of 15 days for that purpose.
After receiving the Supreme Court’ s notice in the Reko Diq case, Tethyan Copper Company Australia (TCCA) had requested the court for time to file a reply in the case. A three-member bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Khilji Arif Husain and Justice Tariq Parvez heard the petition of Maulana Abdul Haq Baloch and others in the aforementioned case.
The court, while accepting TCCA’s plea, expected that the company would not proceed further for international arbitration until the disposal of the case in Pakistan. Khalid Anwer, the counsel for the Tethyan Copper Company Pakistan (TCCP), said that according to the Hague Convention, the Supreme Court could not pass an order to stop the proceedings regarding the international arbitration. Upon this, the chief justice observed that the court had not issued a restraining order in that regard. On the request of the TCCA, the court adjourned the hearing for 15 days.
Earlier, the Balochistan government secretary (minerals) on March 2 rejected the plea of the TCCP for acquiring a mining licence. The Balochistan government had already filed objections with the International Chambers of Commerce (ICC) in London against Tethyan Copper Company’s (TCC) filing for international arbitration proceedings after the provincial government had rejected its mining lease application.
In essence, the government’s objections revolve around three main points. One, that the ICC is not a proper forum to arbitrate the Reko Diq case and does not have jurisdiction to proceed with the TCC’s request for international arbitration.
Daily Times
ISLAMABAD: The Supreme Court of Pakistan accepted the plea of the Tethyan Copper Company Australia (TCCA) for grant of time to file a reply in the Reko Diq case, allowing the company a duration of 15 days for that purpose.
After receiving the Supreme Court’ s notice in the Reko Diq case, Tethyan Copper Company Australia (TCCA) had requested the court for time to file a reply in the case. A three-member bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Khilji Arif Husain and Justice Tariq Parvez heard the petition of Maulana Abdul Haq Baloch and others in the aforementioned case.
The court, while accepting TCCA’s plea, expected that the company would not proceed further for international arbitration until the disposal of the case in Pakistan. Khalid Anwer, the counsel for the Tethyan Copper Company Pakistan (TCCP), said that according to the Hague Convention, the Supreme Court could not pass an order to stop the proceedings regarding the international arbitration. Upon this, the chief justice observed that the court had not issued a restraining order in that regard. On the request of the TCCA, the court adjourned the hearing for 15 days.
Earlier, the Balochistan government secretary (minerals) on March 2 rejected the plea of the TCCP for acquiring a mining licence. The Balochistan government had already filed objections with the International Chambers of Commerce (ICC) in London against Tethyan Copper Company’s (TCC) filing for international arbitration proceedings after the provincial government had rejected its mining lease application.
In essence, the government’s objections revolve around three main points. One, that the ICC is not a proper forum to arbitrate the Reko Diq case and does not have jurisdiction to proceed with the TCC’s request for international arbitration.
" In million of books, there is only word...
If your vision is clear, just Bismillah is enough for you"
#115
Tarbela
-
- Senior Members
-
- 2,404 posts
BRIGADIER
- Gender:Male
- Location:USA
Posted 29 March 2012 - 06:44 AM
Any up dates..
" In million of books, there is only word...
If your vision is clear, just Bismillah is enough for you"
#116
Sanguine
-
- Senior Members
-
- 1,592 posts
BRIGADIER
- Gender:Not Telling
- Location:Pakistan
Posted 07 April 2012 - 12:25 AM
I had posted link of Jang here but because of DB upgrade, couldnt find it. I have dug into details of this case to an extent. It is for sure going to be settled by some international arbitration tribunal and Pakistan will have to bear the brunt of paying more than 500 billion dollars to TCC as damages and Pakistani courts will have to get this award enforced. We cannot turn a blind eye to it by simply saying that courts have their apprehensions or something.
"Who listens to the (soul) distressed when it calls on Him, and Who relieves its sufferings..."
Al-Quran 27:62.
#117
Tarbela
-
- Senior Members
-
- 2,404 posts
BRIGADIER
- Gender:Male
- Location:USA
Posted 25 May 2012 - 01:58 PM
Reko Diq saga: As time elapses, govt fails to nominate arbitrator
ISLAMABAD:In first signs of a setback, the government has failed to nominate an arbitrator in a case on multi-billion-dollar Reko Diq gold and copper mining project filed by Tethyan Copper Company – a Canadian and Chilean joint venture – in the International Centre for Settlement of Disputes in Washington DC, sources say.
TCC had filed a request for arbitration last year in a dispute over rights for the Reko Diq project, claiming damages after the provincial government of Balochistan refused to give the go-ahead to the company for mining copper and gold.
According to sources, after failing to nominate the arbitrator in the stipulated time, the Government of Pakistan sought an extension in the period for nominating the arbitrator but the dispute settlement centre rejected the request. “Now, the court may itself nominate the arbitrator,” a government official said.
Talking to The Express Tribune, Petroleum Secretary Ijaz Chaudhry admitted that the government had not yet named an arbitrator in the case.
“However, TCC had proposed three names for the arbitrator and one was accepted by the dispute settlement centre,” a senior official of the Ministry of Petroleum and Natural Resources said.
The central government has also refused to pay damages if TCC wins the case in the international court. It has asked the Balochistan government to consider re-negotiating the deal to reach an amicable settlement with the company.
According to sources, the law ministry has also suggested that the Balochistan government should pay damages if the international court rules in favour of TCC.
Published in The Express Tribune, May 25th, 2012.
ISLAMABAD:In first signs of a setback, the government has failed to nominate an arbitrator in a case on multi-billion-dollar Reko Diq gold and copper mining project filed by Tethyan Copper Company – a Canadian and Chilean joint venture – in the International Centre for Settlement of Disputes in Washington DC, sources say.
TCC had filed a request for arbitration last year in a dispute over rights for the Reko Diq project, claiming damages after the provincial government of Balochistan refused to give the go-ahead to the company for mining copper and gold.
According to sources, after failing to nominate the arbitrator in the stipulated time, the Government of Pakistan sought an extension in the period for nominating the arbitrator but the dispute settlement centre rejected the request. “Now, the court may itself nominate the arbitrator,” a government official said.
Talking to The Express Tribune, Petroleum Secretary Ijaz Chaudhry admitted that the government had not yet named an arbitrator in the case.
“However, TCC had proposed three names for the arbitrator and one was accepted by the dispute settlement centre,” a senior official of the Ministry of Petroleum and Natural Resources said.
The central government has also refused to pay damages if TCC wins the case in the international court. It has asked the Balochistan government to consider re-negotiating the deal to reach an amicable settlement with the company.
According to sources, the law ministry has also suggested that the Balochistan government should pay damages if the international court rules in favour of TCC.
Published in The Express Tribune, May 25th, 2012.
" In million of books, there is only word...
If your vision is clear, just Bismillah is enough for you"
#118
Tarbela
-
- Senior Members
-
- 2,404 posts
BRIGADIER
- Gender:Male
- Location:USA
Posted 29 June 2012 - 03:28 PM
Pakistan should think about Reko Diq carefully: Thomson
British High Commissioner to Pakistan Adam Thomson has said that the verdict in international arbitration on the Reko Diq saga may have chilling affects on foreign investors.
“Supreme Court of Pakistan’s verdict in certain cases whether it relates to Reko Diq or others is a sign of discouragement for foreign investors,” Adam Thomson said while talking to selected journalists on Wednesday night.
Tethyan Copper Company (TCC) filed for international arbitration to protect its legal rights after Balochistan rejected its mining lease application. Tethyan Copper – a joint venture between Chilean copper producer Antofagasta and Canada’s Barrick Gold – owns the massive Reko Diq project in Balochistan with reserves estimated at 2.2 billion tons of gold and copper.
“There is a risk of misconception from some of its decisions and Reqo Diq is the latest one,” He said that Pakistan should think carefully about it.
Responding to questions about litigation between government of Pakistan and international companies, the British High Commissioner said that a strong judicial system will not only uphold Pakistan’s interest but was extremely important to foreign companies.
http://tribune.com.p...efully-thomson/
British High Commissioner to Pakistan Adam Thomson has said that the verdict in international arbitration on the Reko Diq saga may have chilling affects on foreign investors.
“Supreme Court of Pakistan’s verdict in certain cases whether it relates to Reko Diq or others is a sign of discouragement for foreign investors,” Adam Thomson said while talking to selected journalists on Wednesday night.
Tethyan Copper Company (TCC) filed for international arbitration to protect its legal rights after Balochistan rejected its mining lease application. Tethyan Copper – a joint venture between Chilean copper producer Antofagasta and Canada’s Barrick Gold – owns the massive Reko Diq project in Balochistan with reserves estimated at 2.2 billion tons of gold and copper.
“There is a risk of misconception from some of its decisions and Reqo Diq is the latest one,” He said that Pakistan should think carefully about it.
Responding to questions about litigation between government of Pakistan and international companies, the British High Commissioner said that a strong judicial system will not only uphold Pakistan’s interest but was extremely important to foreign companies.
http://tribune.com.p...efully-thomson/
" In million of books, there is only word...
If your vision is clear, just Bismillah is enough for you"
#119
Saqr
-
- Moderator
-
- 18,102 posts
GENERAL
- Gender:Male
- Location:Canada
Posted 29 June 2012 - 05:12 PM
Barrick Gold? They have a horrendous record with human rights and employer equity, we often joke about people working with Barrick on the regulatory policy side. You don't need a lot of awareness to recognize how much of a threat Barrick actually is, best to keep them out.
Edited by Saqr, 29 June 2012 - 05:14 PM.
#120
rungroot
-
- Senior Members
-
- 6,587 posts
GENERAL
- Gender:Male
- Location:Never Never Land
Posted 29 June 2012 - 06:06 PM
Pakistan should think about Reko Diq carefully: Thomson
British High Commissioner to Pakistan Adam Thomson has said that the verdict in international arbitration on the Reko Diq saga may have chilling affects on foreign investors.
“Supreme Court of Pakistan’s verdict in certain cases whether it relates to Reko Diq or others is a sign of discouragement for foreign investors,” Adam Thomson said while talking to selected journalists on Wednesday night.
Tethyan Copper Company (TCC) filed for international arbitration to protect its legal rights after Balochistan rejected its mining lease application. Tethyan Copper – a joint venture between Chilean copper producer Antofagasta and Canada’s Barrick Gold – owns the massive Reko Diq project in Balochistan with reserves estimated at 2.2 billion tons of gold and copper.
“There is a risk of misconception from some of its decisions and Reqo Diq is the latest one,” He said that Pakistan should think carefully about it.
Responding to questions about litigation between government of Pakistan and international companies, the British High Commissioner said that a strong judicial system will not only uphold Pakistan’s interest but was extremely important to foreign companies.
http://tribune.com.p...efully-thomson/
Foreign investors can go to hell, they are nothing more than a slightly modified and refined face of the british east india company and we all know what THAT "multinational" corporation was used for!!!
KOI ANDAAZA KAR SAKTA HAI US KAY ZOR-E-BAAZOO KA
NIGAAH-E-MARD-E-MOMIN SAY BADAL JAATEE HAIN TAQDEERAIN
NIGAAH-E-MARD-E-MOMIN SAY BADAL JAATEE HAIN TAQDEERAIN
0 user(s) are reading this topic
0 members, 0 guests, 0 anonymous users
Community Forum Software by IP.Board
Licensed to: PakistaniDefence.Com