Reko Diq project: TCC to pay 25 percent of its profit to Balochistan government, Supreme Court told

The Supreme Court was informed Wednesday that the Tethyan Copper Company (TCC) would pay 25 percent of its profit from Reko Diq project to Balochistan government.
A three-member bench, headed by Chief Justice Iftikhar Muhammad Chaudhry with Justice Muhammad Sair Ali and Justice Ghulam Rabbani was hearing a number of petitions against leasing of Reko Diq goldmine and copper project in Balochistan worth over $260 billion to a foreign exploration and mining company, TCC - a Canadian and Chilean consortium of Barrick Gold and Antofagasta Minerals, by federal and provincial governments in violation of law.
Khalid Anwar, counsel for TCC told the court that his client will pay 25 percent of its profit from Reko Diq gold and copper project to the Balochistan government, which would bring prosperity in the province. He said if foreign companies engaged in Balochistan would be discouraged, no company would dare to come and invest in the area in future. He said the foreign companies engaged in development projects should be encouraged. To a courts query, he said his client had followed all the rules and regulations while obtaining the Reko Diq contract.
The Supreme Court had directed the deputy attorney general to consult the defence authorities about strategic aspects of ongoing exploration and mining activities in Reko Diq and inform the court. The hearing was adjourned till March 1.