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World's largest Gold & Copper Reserves Found in Pakistan



October 06 2008: REKO Diq, an ancient volcano in Chaghi, Balochistan, literally means sandy peak. This is something of a misnomer.

It should be called Tangav Diq, or gold peak, because below the sands, according to development expert Syed Fazl-e-Haider, lie “12.3 million tons of copper and 20.9 million ounces of gold.” There is a saying in Balochistan that a Baloch child may be without socks, but when he grows up every step he takes will be on gold. Reko Diq, Saindak, Sui all prove that the barefooted Baloch do tread on gold. That this wealth hasn’t benefited them isn’t accidental.

Credible international surveys indicate the wealth of resources and suggest that the area is home to one of the biggest copper reserves in the world with over 11 billion pounds of copper and nine million ounces of gold. The Australian firm Tethyan which entered into a joint venture with the Balochistan government estimates an annual production of 200 to 500 million pounds of copper from the Reko Diq mining project. A large number of porphyry rocks are also known to exist.

The interests of the Australian company in Reko Diq and its neighbourhood were taken over by the Toronto-based Barrick Gold Corp and the Chilean Antofagasta Minerals. These companies were handed a very lucrative deal. The terms agreed upon show that there is more to the issue than meets the eye. Royalties were reduced from the initial four to two per cent. Terms for the provision of cost-free land for an airport and a 400 km Reko Diq-Gwadar road were accepted. An unjust clause is that a 25 per cent share will be paid to the Balochistan government but only after it invests 25 per cent in the project.


Courtesy: The DAWN

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