Gold and copper mines: Pakistani team in Paris for Reko Diq hearing
The hearing will continue till October 17
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.
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.