Zafar Khan
Pakistan’s Copper and Gold Reserves Sold in Pennies
Reko Diq is a small town in Chagai District, Balochistan. World's largest Gold and Copper reserves are found in Reko Diq.
Tethyan Copper of Australia has taken the contract to develop this mine.
Barrick Gold Corporation of Canada and Antofagasta of Chile has a joint-ownership of the copper-gold deposit at Reko Diq.
The Reko Diq deposit is being explored by Tethyan Copper Company Pty Ltd (75%) and the (BDA) Balochistan Development Authority (25%). Tethyan Copper Company is held jointly (50:50) by Barrick Gold Corporation and Antofagasta Minerals.
Currently the deposit is at scoping / pre feasibility stage. It is a world class copper / gold porphyry style deposit, typical of the tethyan belt.
It was recently sold to the foreign controlled regimes by the Pakistani Government under Mr. Musharraf at a price of $21 billion. Rough estimates suggest that the gold and copper at the surface accounts for $65 billion worth of deposits.
Tell me how many of us know about it ...remember the total debt on Pakistani Nation is $38b.
Now the question is why Pakistani media and Government is silent about it? Why it is being kept a secret from Pakistani Nation?
For verification check these online sources
http://www.pdac. ca/pdac/publicat ions/papers/ 2003/Schloderer. pdf
http://en.wikipedia .org/wiki/ Reko_Diq
Truth Revealed
You can search on internet about the Reko diq Gold-copper Reserves and how they have been sold out in the name of privatization, according to the press release (Feb 14th 2006) from the Barrick Gold Corporation, the Agreement with Antofagasta for Gold-Copper Project was signed and the share holdings were finalized back in 2006!! Following is an excerpt from press releases of Barrick corp.
Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) (LSE:BGD) (SWX:ABX) (EURONEXT PARIS:ABX) announced today that it has entered into an agreement with Antofagasta PLC ("Antofagasta") to acquire 50% of Tethyan Copper Company's ("Tethyan") Reko Diq project and associated mineral interests in Pakistan ("Reko Diq") in the event that Antofagasta is successful in its bid to acquire Tethyan. Antofagasta announced earlier today that it had reached agreement with Tethyan on the terms of a cash offer of Australian $1.20 per share for the entire issued share capital of Tethyan. The offer has been unanimously approved by Tethyan's Board of Directors.
Barrick and Antofagasta have agreed to share equally in Tethyan's 75% interest in the Reko Diq project as well as all of Tethyan's rights, licenses, and permits held in Pakistan. Tethyan has reported a total indicated mineral resource on the Reko Diq property of 1.27 billion tones grading 0.54% copper and 0.24 g/t gold and a total inferred mineral resource of 1.14 billion tones grading 0.48% copper and 0.31 g/t gold, calculated in accordance with JORC standards.
Now if you look at the Annual reports(2005-2006 and 2006-2007) of Ministry of Petroleum and Natural Resources of Pakistan, you can find NO trace of any deal that has been made for this particular Gold – Copper Project ,only one reference(highlighted below) which says that agreement is to be made, whereas the agreement was signed in start of 2006!!
Following are the pieces of texts from both reports, read it yourself, see how our govt. covers up its dirt.
2006-2007 Report:
Facilitation in Development of Reko Dik Copper-Gold Project Balochistan
To develop Reko Dik Copper deposit in Balochistan, an Australian company, M/s Tethyan Copper Company has finalized feasibility study of the starter project aiming to produce 40,000 tones of pure copper with investment of $ 200 million. As a result of extensive drilling in the area about 167 million tones copper ore reserves have been proved.
Field studies to assess social and environmental impact of the project have also been completed. Due to large size of the deposit, world’s largest copper & gold producing companies; M/s Antofagasta & Barrick Gold have taken over 100% Australian shares of the TCC. The new management has decided to launch a mega project with an investment of over US$ one billion by 2010. The mega project would produce 2,50,000 tones of copper annually, thus bringing Pakistan for the first time on the major copper producing country on world map.
By commencement of the mining activities in the area, job opportunities are expected for about 1200 locals. Moreover commencement of the Project would give an impetus to foreign investment in mineral sector of Pakistan. As desired by M/s Antafagasta-Barrick Gold, Ministry of Petroleum & NR is working on the preparation of international mineral agreement to be signed between the company, Govt. of Balochistan and this Ministry. To solve the issues relating to the exploration/mining of Reko Dik copper-gold deposit on fast track a high level Steering Committee has been constituted by GOP having representation from all the stakeholders in GOP and Govt. of Balochistan.
2005-2006 Report:
Facilitation in Development of Rokodik Copper-Gold Project Balochistan
To develop Reko Diq Copper deposit in Balochistan, an Australian company M/s Tethyan Copper Company has finalized feasibility study of the starter project aiming to produce 40,000 tones of pure copper with an investment of $ 200 million. As a result of extensive drilling in the area about 167 million tones copper ore reserves have been proved.
Filed studies to assess social and environmental impact of the project have also been completed. Due to large size of the deposit, world largest copper & gold producing companies; M/s Antogagasta & Barrick Gold have taken over 100%
Australian shares of the TCC. The new management has decided to launch a mega project with an investment of over US$ one billion by 2010. The mega project would produce 2,50,000 tonnes of copper annually, thus bringing Pakistan for the first time on the major copper producing country on world map.
Reference:http://www.insaf.pk/Forum/tabid/53/forumid/40/postid/32272/view/topic/Default.aspx
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