Reko Diq: exploration licence fee of $100 amazes Supreme Court

The Supreme Court was stunned on Thursday when it was informed that Tethyan Copper Company (TCC) clinched the licence for exploration of goldmine and copper reserves in Reko Diq area just for $100.
A 3-member bench headed by Chief Justice Iftikhar Muhammad Chaudhry with Justice Muhammad Sair Ali and Justice Ghulam Rabbani, was hearing petitions against leasing of Reko Diq gold and copper mines in Balochistan worth over $260 billion to foreign exploration and mining companies by federal and Balochistan governments.
Khalid Anwar, counsel for TCC, informed the court that the company had invested billions of rupees in this project and it was its right to get the licence. He said that TCC got the licence after fulfilling all formalities under rules and regulations and without any relaxation in rules and that fee was paid for it.
When the lawyer said that BHP Company had sold the licence to TCC for $100, the CJP observed that it would be ridiculous to believe that a licence for exploring goldmine had been given at such a low price. "You cannot even buy a shirt for 100 dollars. How a license of gold exploring could be given for such an amount", he remarked Amanullah Kanrani, Advocate General Balochistan, informed the court that the chairman of Balochistan Development Authority (BDA) had relaxed the rules for the issuance of licence. The chief justice remarked that prima-facie there was no relaxation in the rules according to the documents.
Earlier on Wednesday, the Balochistan government had prayed the apex court not to set aside the Balochistan High Court judgement, as it would benefit the TCC and requested the court to decide the matter on merit. Amanullah Kanrani told the court that the Joint Venture Agreement (JVA) would remain intact even if the court scraps the BHC judgement.
He was of the view that the TCC which would benefit from scrapping BHC verdict was itself opposing and wanted time. He said the TCC has not yet deposited fee worth Rs 0.3 million, though JVA was signed in 1993. The lawyer for TCC, Fakharuddin G. Ebrahim, prayed the court not to set aside BHC verdict and sought some time for reaching an out-of-court settlement in the matter. The hearing was adjourned till Friday.