Pakistan welcomes venture’s willingness for negotiated settlement after Reko Diq mine ruling

[war&peace]

The basis of our appeal is that it was awarded illegally; with Zardari in charge can anyone doubt that corruption was there?

Yeah but for that we need to prove that he took kickbacks and commissions and for that we need to try him and the court has to punish him...only then we stand a chance. Otherwise the world buy the crap that he roams free and still we tell them that he is corrupt. The state needs to grow a pair.

 

[IceCold]

Iftikhar Ch is the man behind this. He needs to be brought to justice and that too through supreme court so that we dont have another lawyers movement on our hands to deal with.

 

[jamal18]

Iftikhar Ch is the man behind this. He needs to be brought to justice and that too through supreme court so that we dont have another lawyers movement on our hands to deal with.

Not sure. If there was irregularities in the contract, wasn't it his duty to investigate? The blame is in the corrupt awarding of the contract.

 

[maithil]

How much Gold and Copper is China giving back to Pakistani Govt for Saindak mines BTW ?

 

[guest9999]

Absolutely correct. We do not even have the luxury of becoming a North Korea at this time because of 220m people. Firstly people need to get out of imagining that digging for gold means a worker with a shovel goes and digs it up and puts it in a cart. The sheer size of the project and the amount of work that goes into it does not fit the Pakistani mentality of a hard days work when an industrialist can make the same amount of money importing a container from China or selling files in DHA.

Negotiated settlement my foot. These As**oles and their Pakistani Pi*ps know the incumbent Govt will fight tooth and nail, worst problem is that if the Govt could find any proof of corruption and kickback present it in the International Court their whole case will not only go south they will have to pay damages, not to mention that they will suffer huge reputation loss.

Our problem is not that we should give the mining rights to a foreign company or internal development. Internal look how Samar Mubarak Mand screwed national exchequer over his fabled coal to gas project, on the other hand when we give the contract to foreign company they totally screw us.

Case in point Saindak Project Ghaddari (Zardari) gave the project to a Chinese company for $50 million for the last 7-8 years they have been extracting gold/silver and copper in the range of thousands of ton haven't paid any royalty, haven't paid the $50 million and now they have defaulted.

A Chinese company was given limited sand extraction project on flow of river near abbotabad, they have been extracting gold out of it, last estimates were 20 kg worth millions and they paid like 3 million PKR for the contract. Minerals are a precious resource entrusting them to foreign companies with sham agreements by the basta*d bureaucracy of Pakistan having no check methods we will be looted of our resources like Afghanistan.

What we need to do is develop our own mining companies of course not fauji they are equally bad as foreign companies due to inherent excessive corruption.

Yes, agreed. Unless Pakistan develops its own in-house ability to mine natural resources, it's going to be get short-changed. people were celebrating when the Chinese took over some of these deposits at rock bottom prices. It's so criminal seeing this, it's literally like they are taking candy from a baby. the least they could have done is threaten this company into dropping their lawsuit. The Chinese & plenty of others do the same in African countries. Mine the crap out of their precious resources, give them a road or two in exchange.

if Pakistan continues to give its deposits to foreigners, it's going to lose out on vast wealth. I support PTI for now, but I want to puke at how naive they are when some of their members were proudly boasting about foreign companies like Exxon or that Australian mining giant came to meet & discuss Pakistan's natural resources. Do you think Pakistan would get fair price? Go take a look at how the Balochistan government was bragging about some mining company starting a few schools out there? How much did it take for them to set them up? $10,000? How much value are they getting in exchange from natural resources?

I wish some expats who work in these mining sectors for oil, gas, coal, gold would come back and pitch some initiatives to whoever can fund this in Pakistan.

 

[Clutch]

They aren't going to extract it for free if that's what you are hoping for.
I'd rather give someone a share of it to dig it out and use the money for development rather than leave it in the ground where it's useless.

I agree.

But under what conditions? Are they running off with 90% of the profits and leaving pakistan with peanuts??? Then that is called rape.

 

[Longhorn]

I agree.

But under what conditions? Are they running off with 90% of the profits and leaving pakistan with peanuts??? Then that is called rape.

Pakistan should learn to negotiate in the interests of the country rather than the bank accounts of politicians and bureaucrats.
Whichever way you look at it our destiny is in our own hands.

 

[Itachi]

They aren't going to extract it for free if that's what you are hoping for.
I'd rather give someone a share of it to dig it out and use the money for development rather than leave it in the ground where it's useless.

No one's leaving it in the ground and I don't agree we should but the price we have to pay for others mining our resources should be negligible.

They can take some percent of the resources for x amount of years, for example 10-20% of the resources for 10 years to pay for their mining activities and investment but yea, I saw on another thread that someone was asking $ 5.9B or something to let them mine. Hell no....

Dead Pakistani companies.

Put some danda on them and they're come back to life.

It does not suit Pakistan. All you need to do is study Pakistan's history, and not the world's.

So you want to privatize Pakistani companies and sell them to foreigners?? Who will then essentially control big chunks of your economy through them?

 

[El Sidd]

Just take the 6 billion dollars.

 

[Lincoln]

No one's leaving it in the ground and I don't agree we should but the price we have to pay for others mining our resources should be negligible.

They can take some percent of the resources for x amount of years, for example 10-20% of the resources for 10 years to pay for their mining activities and investment but yea, I saw on another thread that someone was asking $ 5.9B or something to let them mine. Hell no....



Put some danda on them and they're come back to life.



So you want to privatize Pakistani companies and sell them to foreigners?? Who will then essentially control big chunks of your economy through them?

Socialism is a failed concept. If you can't handle it, you sell it off so atleast your national companies make some money. Privatization means selling half the shares. Look at history.

A danda wont help. It isn't a magic wand. We don't have the money, the tech or the expertise. Most of the resources in Balochistan are already being mined for cheap, and due to cheapness, cheap techniques are used due to which 80% of the resources are wasted.

 

[mastaan]

This is not a company vs a govt thing anymore... Don't be so naive. This is politics for Pakistan's resources, which your govt has unfortunately pawned out to an international company... Think about it - for 5 Billion Dollars - the country resources are being given away...

But the more important thing and on a serious note - Watch out for the company being bought out soon or already to have happened without disclosures, as this is not a listed entity ;-) Question would then be - who owns it - the end owner I mean

This is also a tight hit on the Chinese, as they have a new play right under their nose in one of the most mineral rich areas of the world.

You know the best solution - 'INVITE' them in to set up the company... Let the Goras come... Who has seen what happens when they step in Baluchistan or whichever province your govt has pawned out.. wink wink

 

[Itachi]

Privatization means selling half the shares. Look at history.

Even 50% shares is too much, you're literally dumb as hell if you want to sell your and your kids future to foreigners.

No different than the many Indians (Indians and Pakis) who sold items/land/their souls to the British when they came to India.

I don't know how you're even uttering such words bro...

 

[Lincoln]

Even 50% shares is too much, you're literally dumb as hell if you want to sell your and your kids future to foreigners.

No different than the many Indians (Indians and Pakis) who sold items/land/their souls to the British when they came to India.

I don't know how you're even uttering such words bro...

Ok, aap solution batao. Ajeeb, Pakistan tabaa orr barbad hojai, likin privitize nahi karna loss making entities. Paglai log.

You privatize. Pressure lifted off govt. Company profits, it expands == more jobs == more research == more gdp growth == more government revenue.

Communism is gone and long gone.

 

[Gorgin Khan]

There were problems with these agreements as far as its in my knowledge.

1. First the government that awarded the exploration rights underestimated the amount and worth of minerals here.
2. The second problem is that the company was only mining here and for further processing the minerals were shipped. So technically if the company stole some amount or percentage no body will know.There was suspicion.And its true we would have been receiving peanuts.
3. There were also some legal complications and loopholes in pakistani mineral exploration policy which also lead to further complicate this case.
4. The true worth of copper and gold only came up in 2012 when samar mubarakmand stated in court that the total worth of the reserves is approx 131 Billion USD and i guess thats why the agreement was suspended.

The pitty is that we cannot even mine our minerals let alone processing.

 

[Syed1.]

There were problems with these agreements as far as its in my knowledge.

1. First the government that awarded the exploration rights underestimated the amount and worth of minerals here.
2. The second problem is that the company was only mining here and for further processing the minerals were shipped. So technically if the company stole some amount or percentage no body will know.There was suspicion.And its true we would have been receiving peanuts.
3. There were also some legal complications and loopholes in pakistani mineral exploration policy which also lead to further complicate this case.
4. The true worth of copper and gold only came up in 2012 when samar mubarakmand stated in court that the total worth of the reserves is approx 131 Billion USD and i guess thats why the agreement was suspended.

The pitty is that we cannot even mine our minerals let alone processing.

No we definitely have the technical skills to atleast enter into joint ventures with foreign companies. Why is Engro able to mine and process Thar coal? The fact is corrupt politicians probably gave this company the contract because they were receiving kickbacks, keep in mind this company isn't even a big name in the field of mining.