Canadian Deputy High Commissioner Lajoas Andraaz has expressed concern over investment worth $400 million stuck in Reko Diq copper and gold mining project, referring to the money injected by Tethyan Copper, a joint venture between Canada’s Barrick Gold and Chile’s Antofagasta.
Early last month, the Balochistan government rejected a mining lease application submitted by Tethyan, which has a majority stake of 75 per cent in the mining project.
“We do not have any political objectives in Pakistan, Canada wants an economically viable and strong Pakistan and we will keep supporting it,” said Andraaz during a visit to Multan along with a delegation.
He also chaired a workshop on peace-building and interfaith harmony and met different social and political figures.
“Canada especially wants to make investment in mining industry, but response from the Reko Diq project is really disappointing,” he said.
He referred to a statement of Balochistan chief minister that foreigners would not be allowed to continue work on the project, which the diplomat said was a big worry as Canadian investors had injected $400 million into the project.
He stressed that the Canadian government had always aimed to promote economic interests of the people of Pakistan beyond any political means and vested interests.
Published in The Express Tribune, December 16th, 2011.
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Contract was not in the favor of Pakistan .
COPPER & Gold was going to process outside .
Illitrate Arabs , Brazillian , South African didnt sign contracts like that .
There was no Technology Transfer .
Document submitted bu TCC was misleading.
Pakistan need Mining Technology ,which Canada will not give .Pakistan has got more Gold mines & RUBY reserves.
Dream on , until Pakistan is on position to provire basic security and safety, along with infrestructure , the likelyhood of anyone from abroad making inroads in current economic climate is going to be rather slim .
Why is Canada worried? They rejected BHP Billiton bid for the takeover of Potash Corp. It was the biggest bid in the mining history and now they are worried. Listen Kanada, Barrik Gold is a crook with horrible human rights records and the deal stinks. Take your investment and develop north pole please.
This is another Con Job conducted with the blessings of the politicians !!!! No wonder, there is serious lack of investment in this country! Who in their right mind would want to invest in this country with all the obstacles and whimsical regimes, backed up with lack of security or energy source ????
The agreement should not be honored, as it is, it should be renegotiated, to get a beeter for the people of Balochistan.
only if the company is ready to make a win-win situation amongst all stakeholders, should the lease be given to them.... if they just want the mine at throw away price and are worried about commissions and bribes they have already given to government officials to make wealth of ppl of Pakistan transfered to them, they better be sorted out this time...
The agreement should be honored as will open up doors to more investment .
Why does Canada want an economically and viable Pakistan?? Has anyone ever thought of that. Out of the $400M spent by the company how must was spent on extranagance?? Will there be an audit?? Beiong from the area we are not opposed to the Govt. giviong the mining lease to a foreign company but the deal has to be in favor of Balochistan.
I didn't expect anything less from our honourable and illiterate Baloch MPAs. They would like to keep their people in stone age.
When you try and cheat a large and influential mining consortium out of it's investment -- word gets out. Investment in Pakistan on the best day is a higher risk than other countries -- when the govt tries to weasel out of a contract the risks become unacceptable.