Rekodiq Copper, Gold project to generate $8bn

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Rekodiq Copper Gold project to generate $8bn​

By Our Staff Reporter
Thursday, 15 Jul, 2010

The Prime Minister informed the delegation, which intends to invest in exploration and development of Rekodiq Copper-Gold Mines project in Balochistan, that the federal government has decided in principle to fully support the consortium and expects the project would be launched at the earliest. - Photo by APP.
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ISLAMABAD: The exploration and development of mega project of Rekodiq Copper Gold Mines in Balochistan shall generate revenue of about $3.5 billion for the federal government and $4.5 billion for Balochistan over the life of the mine, which is 40 years.

This information was provided to Prime Minister Yousuf Raza Gilani by a delegation of consortium of mineral exploring companies led by Aron Regent, president and CEO of Barrick Gold Corporation and Antofagasta Minerals S.A. of Chile in a meeting at the PM secretariat here.

The PM was further briefed that the project would generate mass scale employment of about 6,500 skilled and unskilled workers, transfer of technology, promotion of downstream industries, establishment of new township in the region and would place the country on the world minerals map.

Prime Minister Yousuf Raza Gilani reiterated the government’s determination to explore all possible opportunities to attract investment as well as to utilise the natural resources of the country for the economic prosperity of the people.

He informed the delegation, which intends to invest in exploration and development of Rekodiq Copper-Gold Mines project in Balochistan, that the federal government has decided in principle to fully support the consortium and expects the project would be launched at the earliest.

The prime minister directed the ministries of finance, petroleum and natural resources to hold further discussions with the consortium and to coordinate with the government of Balochistan to finalise the details.

The initial investment of the consortium, which included a Canadian and a Chilean firm, would be $200 million, which could reach up to $4 billion as per the progress on the project.

The meeting was also attended by Syed Naveed Qamar, Minister for Petroleum and Natural Resources, Dr Abdul Hafeez Shaikh, Minister for Finance, Ms Hina Rabbani Khar, Minister of State for Finance and secretary Petroleum and Natural Resources.

Mr Aaron Regent was accompanied by the head of Tethyan Copper Company, Gerhard Von Borries, Ms. Csrie Bogsi and Kelin Dashnisky of Barrick Gold Corporation and the Antofagasta Minerals.

Yesterday

Balochistan invites investors to tap mineral resources​

By Our Staff Correspondent
Wednesday, 14 Jul, 2010

QUETTA: Balochistan Chief Minister Nawab Aslam Khan Raisani has said that his government welcomes foreign investors to explore enormous mineral and other natural resources in the province that could be mutually beneficial to both the investors and the people.

He was talking to a 5-member delegation, which included Aaron Regent, chief executive officer Barrick Gold Corporation (BGC) and Gerhard von Borries, chief executive officer Tethyan Copper Company (TCC) here on Tuesday.

Both these international companies were running the Rekodiq Copper and Gold project in the province.

Nawab Raisani said that the Rekodiq was a project of very vital nature for the people and keeping in view its importance the government has decided to run it single handed once its contract with the present management is expired.

“For this purpose a board of governors had already been constituted headed by renowned scientist Dr Samar Mubarakmand,” he said.

The government wanted that a refinery should be established at the Rekodiq site for refining of the minerals extracted from the project because the past experience showed that the companies doing such business had exploited and taken “our precious metals at the cost of the people”.

However, if the company comes up with a better proposal that could be of mutual benefit, the government would welcome it for re-evaluation, he said.

Nawab Raisani gave assurances that any national and multinational companies that wanted to make investment in different sectors of the economy would be extended all possible assistance, including foolproof security.

Balochistan offered avenues for making investment in diverse sectors such as seafood, oil and gas exploration, power generation through different sources like wind, tidal, solar and thermal energies etc.

Nawab Raisani informed the delegation that the government was going to establish Balochistan Investment Board in order to provide one-window facilities to the investors.

 

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The main issue is security and law & order. 2nd comes the government red tape and bribes. 3rd is that area is under developed and hardly has better communications and transportation network. Then comes the issue of how we efficiently use these huge resources. i m saying this all because thats what we have done in past. thar coal is one prime example of it.