Reko Diq deal: SC to conduct daily hearings from Feb 11

If contract renewed, Pakistan to incur colossal losses, apex court told.


Express January 14, 2011

ISLAMABAD:


The Supreme Court sought on Thursday replies from all respondents in the Reko Diq case and decided to conduct a daily hearing, starting from February 11.

Raza Kazim, the counsel for Abdul Haq Baloch, one of the petitioners, submitted a copy of the 101-page agreement reached between the government and the TCC to the three-member bench, headed by Chief Justice Iftikhar Muhammad Chaudhry.

Pakistan is likely to incur huge losses if the government signs the 30-year agreement with the company in February, he informed the bench. The DG Minerals, ministry of petroleum, has already signed the contract in acceptance of the company’s terms and conditions. Members of the federal and provincial governments have yet to sign the agreement.

The new agreement is to be renewed by the government on expiry of the previous contract on February 11. The project manager of TCC informed the court that his company plans to invest another $3.5 million whereas $460 million have already been invested in Reko Diq.

He apprised the court that his company is paying 25 per cent of the net profit to the government of Balochistan. He termed the copy presented to the bench by Kazim a forgery.

The agreement is a renewal of the previous one and in conformity with the mining rules of Balochistan. He said the terms of the agreement are not being kept secret.

Kazim contended that according to the 18th amendment, Balochistan enjoys sole rights over its natural resources, the federation is, therefore, interfering in the matter. He said he has yet to be provided the copy of the federation’s response.

The court has adjourned till January 17.

Published in The Express Tribune, January 14th,  2011.

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COMMENTS (40)

Mohammed Maqbool khan | 10 years ago | Reply Dear All i would like to attende you major issue of reko diq deal or its work under our scientist you are batter know we have lot of the main powe resources and and lot of technication may be machinery is not enough but this can we brougt to others countries and issue that how can we solve this problems if our leadership sincer and i request our scientiest have confident and they can prove if govt handed over him no doubt our scientiest is one of the best in the world and they can do work on reko diq with confidently and honestly then why we lost of billion dollar this question
Yaggi Baloch | 10 years ago | Reply No company to invest in country if Tethyan prevented from exploring mines: Economic experts ISLAMABAD: Economic experts have termed the detachment of Tethyan Copper Company from exploring of gold and copper from Recko Diq mineral project as very harmful for country’s economy, adding that no other company will invest in Pakistan in prevailing law and order situation if the company is prevented from exploring the minerals. Reacting over this important issue, the experts said that the economic situation is worst in the country, adding that Federal Board of Revenue clearly said that the budget deficit has reached to 511 billion rupees in current fiscal year. They noted that the foreign investors were avoiding investing in Pakistan due to terrorism and prevailing law and order situation. They said that it would end possibility of further investment in the country if Tethyan, which invested US $ 230 million, was stopped from exploring of gold and copper. There is possibility that Tethyan will move International Court of Justice against Pakistan, which will create problems for the government. The experts said that according to Balochistan Minerals Rules, the investor company has the right to discover the minerals and it also has permission of exploring and noted that some opportunists’ elements do not want development of the province. These elements destroyed the PIA, and Railways like national institutions and now their eyes are on Recko Diq project. They demanded to unearth these elements who wanted to destroy country’s economy.
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