Pakistan's Copper and Gold Reserves Sold


#1

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

Here is some internet research 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. Antofagastaannounced 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 ofPakistan. 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.


#2

hmmm... well I received this in a chain mail a while back...anyways how come your internet research didn't turn up this article:

[quote=", post:, topic:"]

World's 5th largest gold, copper reserves found in Pakistan

The world's fifth largest reserves of gold and copper were discovered in Chaghi area in Pakistan's southwest Balochistan province, local newspaper The News reported on Thursday.

Director General of Provincial Department of Mineralogy Maqbool Ahmed said that two multinationals, Canadian and Chilean-firms, which were issued licenses 10 years earlier for exploration of gold in the Bekodik area, have completed the exploration work and have chalked out a project for the extraction of gold and copper.

In the preliminary stage, the two companies will invest a billion U.S. dollars in the project, Ahmed said.

According to Ahmed, 200,000 tons of copper and 400,000 ounce of gold will be produced annually through the said project.

The Balochistan government will get a share of 25 percent. With the start of the project, employment will be provided to 3,000 youth of the province.

According to Ahmed, there are gold reserve in Zhob and Lasbela districts of the province and nine multinationals have been issued licenses for their exploration.

However, the opposition parties in the province expressing their reservations charged that federal government wishes to loot the resources of the province.

Source: Xinhua

[/quote]

^ http://english.peopledaily.com.cn/200610/12/eng20061012_311186.html

if you looks at its date, it is October 12, 2006

no cover-up, our people should read the paper more :P


#3

I also received something like this through an email. But I also read newspaper cuttings about Reiko Deigo about gold reserves in Baluchistan.


#4

Woah! I didn't knew we had such resources, unfortunately our people our corrupt which makes these resources absolutely useless


#5

wow wow wow.........another corruption case is exposed and the credit of this corruption again goes to Musharaf.......man u knw wht r u taking abt..u said the sold price is 21billion.....where r these 21billions


#6

Don't worry about it. The Baloch Liberation Army is

on the job. ;)

.

.

.

Sheikh 'Qabaili Palao' Chilli


#7

Wow! Just wow! I can't believe it but sadly these things do happen in Pakistan.

Damn! we could have been far more richer nation than oil-rich nations.

From mineral salt to coal, copper, 50,000 MW wind-mill area, and gold. Who knows what else is beneath our feet.


#8

^I heard Gwadar has oil reserves


#9

^ Wow! Gawader has oil reserves! And as we all know that it also has an awesome deep sea port in Indian ocean. Maybe that's why there are so many foreign elements to take controls of Gawader deep sea port, oil reserves, natural gas, copper, gold reserves of Baluchistan. Who knows how many big players are heavily investing to influence in that area.


#10

[quote=", post:, topic:"]

^I heard Gwadar has oil reserves
[/quote]

I heard we have deal with Iran for not drilling well in Balochistan. could be a myth.


#11

no it is true , the thing is that just like rivers flow on top they flow underground too and the flow is tipped in our side like a weighing scale hence we made an agreement with Iran who in return gave us part of their territory necessary to develop gawadar port among other things..


#12

[quote=", post:, topic:"]

no it is true , the thing is that just like rivers flow on top they flow underground too and the flow is tipped in our side like a weighing scale hence we made an agreement with Iran who in return gave us part of their territory necessary to develop gawadar port among other things…
[/quote]

i had same thoughts until i meet one engineer and he explain there are no rivers these are just reserves pockets. but we do have some sort of agreement with iran not to drill oil and about Baluchistan its far from most media or news people as they are very busy in Punjab so no time to go there and findout what govt was/is doing there and govt is not interested coz to much hasal for them and they also lose their commission which they can get from foreign companies when they sell 10rs work item in just 10 pesa. but i want to comments on this type of behaviors:

Idiots why you dont give contract to your people and ask commission from them? end of the day local companies can create many jobs as well as you can make some check and balance system. but they dont want to do this again they have friends in AU$ and U$, huh friends!!! sadam was also friend of u$ lets not forget that.

sorry about my behavior towards politicians but i believe they all are barbs of same feather.


#13

wow. very interesting article