QUETTA:
A delegation comprising Balochistan Chief Minister Dr Abdul Malik Baloch, legal experts and federal government officials has reached Paris to attend the Reko Diq gold and copper mines project hearing in the International Centre for Settlement of Investment Disputes (CSID).
Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi and the attorney general of Balochistan are also in the delegation. International law expert Ahmer Bilal Soofi and Cherie Blair and Grahim Dunning of Britain are representing Pakistan in the case.
The hearing will continue till October 17, said a statement issued by the Balochistan government.
The Tethyan Copper Company (TCC) had sought international arbitration in November 2010 to protect its legal rights after Balochistan rejected its mining lease application.
TCC announced in 2013 that instead of mining lease it will only seek monetary damages from Pakistan and Balochistan for the breach of contract and treaty rights.
“The federal government has been suggested to resolve the issue through negotiations or talks with TCC,” said the statement.
It is a very important project that will have great impact on the economy of Balochistan and Pakistan, it said.
Reko Diq’s annual production is estimated at 200,000 tonnes of copper and 250,000 ounces of gold from 600,000 tonnes of concentrate. At today’s international prices, the profit worked out by TCC is about $1.14 billion for copper and $2.5 billion for gold, totalling around $3.64 billion a year.
Published in The Express Tribune, October 9th, 2014.
COMMENTS (5)
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How much of the local populace is actually employed on the project,is there a refinery or smelting plant, are new graduates gaining skills. developing expertise,local technicians being trained etc etc???
IF not then form a cooperative and do it your self.
The deal should be null and void because of back handers.
The case was winnable but the government seems inclined for an out of court settlement for reasons best know to the chief minister. Media reports say the hie minister's relative works for TCC. As such there was a conflict of interests. In civilized nations officials recuse them from such proceedings,
Combination of corruption and chest thumping has backfired. TCC has already turned down Pakistan's offer to go back to the original terms of the contract - they simply don't trust Pakistan and who can blame that after Chief Justice Chaudhry interjected himself into the issue and made that outrageous ruling. What could have been an economic blessing for Pakistan has turned into a major liability - any other country would have the people responsible (including Chaudhry) sitting before an independent inquiry.
The government of Balochistan should resolve the issue ASAP with foreign world class companies, as government it self is not able to mine Reko Diq.
Corruption of Chief Justice Iftikhar Chaudhry, concerned Politicians & bureaucrats has landed Pakistan once again people of Pakistan in quagmire. The International Centre for Settlement of Investment Disputes (CSID) is likely to penalize Pakistan and the brunt will be faced by the people of Pakistan in shape of high prices & taxation, while the thieves will have at last laugh at the people of Pakistan.