Reko Diq final decision from Supreme Court announced.!!! Govt. of Balochistan allowed to decide on i

[PkRevolution]

Current Contract of Balochistan Gov. with Tethian Copper (Tcc)

$5 billion in 56 years for Balochistan

This is the second largest reserve of gold in the world. Dr Samar Mubarak mand, a nuclear scientist said that, there are three blocks of Reko Dir EL 5, EL 6 and EL 8. Tethyan Company explored the small part of EL 5 which values about $ 273 billion. According to some findings there are 37 million ounces of Gold and 47 billion pounds of copper. Whereas, the overall value of block El 5 alone is about $ 1 trillion. On the other hand, this block (EL 5) is the smallest of the three. It means the overall estimated value of the Gold and Copper of Reko Diq is at least $ 3 trillion.

http://ejang.jang.com.pk/06-11-2011/Karachi/pic.asp?picname=03_05.gif

Pakistan has only 25 per cent stake in the Reko Diq copper project. The rest of the 75 per cent stake had first been transferred to BHP Billiton, the Anglo-Australian mining giant and then BHP Billiton under a ‘deed of waiver and consent’ transferred it to the Australian Tethyan Copper Company (TCC). Now TCC has sold its 19.95 per cent stake to Antofagasta Minerals.

Dr. Khwaja Amjad Saeed an Econommist said: Not only Balochisten, Sindh, Punjab and Khyberpachtoonkhwa also full of minerals. If work properly Pakistan could be richer than Saudi Arabia.

The Supreme Court on Tuesday said that Reko Diq was not a joint venture as credibility to this effect could not be established. Chief Justice Iftikhar Muhammad Chaudhry, heading a three-member bench, also said that the Baloch people and the provincial government had the foremost right to Reko Diq resources. It will be better if the Balochistan government takes the final decision about the project, he said. The CJ remarked that if the respondents would agree to handle the matter with a mutual agreement, the court could nullify the Balochistan High Court verdict.

A mountain of Gold in Reko Diq, Balochistan

Shaheen Sahbai:

 

[Wadaich]

:mash::alhamd:

 

[Wayla]

Great!!!! Well done cjp!

 

[gazoomartian]

Now its Blochistan's turn to nullify the contract between the province and the foreigners and dig it ourselves. This way province could net $trillions

 

[cefspan]

Now its Blochistan's turn to nullify the contract between the province and the foreigners and dig it ourselves. This way province could net $trillions

No way , har koi apna hisa lae ga , as long as zardari lingers around .

 

[PkRevolution]

I have information that Balochistan Gov. wants to run Reko Diq Project under observation of Dr. Samar Mubarak Mand.

 

[Bombaybuz]

Bus humarey thorey saachey aur committed honey ki daar hai... Ik ka kaha saacha ho jaye ga k west sai logh yahan jobs hasil karney ayeen gey ...inshalllah

 

[junaids]

Pakistan Gold-Copper Project Faces More Obstacles

By OWAIS TOHID And ALEX MACDONALD

A massive copper and gold development project in Pakistan faces further delays or possible cancellation after the provincial government of Baluchistan outlined ten observations and objections that claim the mining lease application was incomplete and not legally compliant with mining laws.

"The [Mines] Committee found that the application submitted by the applicant is not satisfactory. It is also not in the interest of the government and the people of Baluchistan that the lease ... be granted on documents which [are] incomplete and sketchy," the government told Tethyan in a letter of objections seen by the Dow Jones/Wall Street Journal that was sent to project developer Tethyan Copper Co Pakistan Ltd in the last week.

The government has given Tethyan 30 days to respond to the objections.

The objections raised by the government could potentially derail Tethyan's plans to invest $3.4 billion in the project over a three-year period. The investment would be the largest single foreign direct investment in Pakistan to date.

Tethyan is a joint venture equally owned by U.K.-listed Chilean copper producer Antofagasta PLC and Canada-based Barrick Gold Corp. that bought a 75% stake in the Reko Diq project in 2006. The project was initially owned by BHP Billiton Ltd, which in turn secured a project exploration license in 1993 by signing an agreement with the Baluchistan government.

Miners are closely monitoring the mining license application process in order to determine how the government of Baluchistan will negotiate future mining licenses.

Miners are concerned that resource nationalism is leading governments like Baluchistan to push for a greater take in the profits of projects through increased equity stakes, taxes or royalties, at a time when companies are struggling to satisfy the voracious appetite of emerging economies like China as they rapidly industrialize.

As an example, the Mongolian government is currently considering tweaking the terms of an investment agreement that is set to help attract more than $6 billion into the country in order to develop the massive Oyu Tolgoi gold and copper project.

"Resource nationalism is a key issue and a real concern for us," Tom Albanese, chief executive of diversified miner Rio Tinto PLC, indirect shareholder and project operator of Oyu Tolgoi, said last Tuesday without referring specifically to Oyu Tolgoi. The company said Sunday it expects the Oyu Tolgoi investment agreement to be honored.

The Baluchistan government letter highlights that the previous owners of the Reko Diq exploration license weren't registered firms in Pakistan at the time when the initial project agreement was signed. It also noted that Tethyan wasn't able to apply for the mining license on its own without gaining prior consent from the government of Baluchistan, a 25% stakeholder in the project.

Such consent hasn't been granted, a source familiar with the matter said.

From a technical perspective, the government also said Tethyan "utterly failed" to provide a complete feasibility study for the entire exploration area, as previously promised.
While it did provide a feasibility study for two deposits it didn't submit a development plan for the mining of 11 other potential resources in the exploration area, it said. Nor did the company identify all the resources in the exploration area or meet its targets within stipulated time frames.

"On account of non-exploration and failure to explore the area during the last 17 years ," the government of Baluchistan feels that "local inhabitants of the area [have] been deprived of the fruitful results" that such a project should be able to provide.

The government of Baluchistan also went on to say that the feasibility study was "silent" about the processing, smelting and refining of metals and minerals to be extracted from the area, an issue which is likely to be easily resolved since the company is prepared to sign an agreement to sell its ore concentrate to a third party at market prices, according to a person familiar with the matter.

A Tethyan spokesman declined to comment on the details of the letter and referred to Tethyan CEO Tim Livesey's comments last week in which he confirmed receipt of the 10 observations and objections. Livesey said the company would seek to respond within the designated time frame.

Write to Alex MacDonald at [email protected]

http://online.wsj.com/article/SB10001424052970204422404576593801248288300.html