A shocking disclosure reveals that Balochistan will receive a peanut $5 billion profit in 56 years from the world's third largest gold and copper reserves whereas Tethyan Copper Company Pakistan (TCCP) in its feasibility report submitted to Balochistan government has also confirmed presence of uranium in Reko Diq copper/gold reserve.
Balochistan government has also alleged that TCCP has cordoned off the area of Reko Diq and even Frontiers Constabulary (FC) personnel and Balochistan government officials were not allowed to enter the area. Petroleum Ministry official said that TCCP had identified 11.65 million tons copper worth $93 billion and 21.18 million ounce gold that would fetch $30 billion.
"TCCP in its feasibility report has confirmed 0.002 percent of uranium along with gold and copper reserves of Reko Diq," Balochistan government officials informed a meeting of the National Assembly Standing Committee on Petroleum and Natural Resources chaired by Sheikh Waqas held here on Thursday. NA body also raised questions about the movement of planes from Afghanistan at the air base of the company. Officials said that TCC had insisted to freeze royalty rate at 2 percent instead of 5 percent.
Officials said that TCCP was of the view that uranium in gold and copper reserves of Reko Diq is not according to set standards and so low that it could not be considered for exploration. They further said that Balochistan Cabinet had decided not to go with TCCP on Reko Diq Project but final strategy would be chalked out after decision of the Supreme Court. Responding to a query, Balochistan government officials said that China had expressed interest to work on Reko Diq mines. "China has expressed interest in this project," they maintained.
Petroleum Ministry official said that TCCP had claimed to invest $435 million on Reko Diq project so far out of which an amount of $214 million was spent on exploration. He said that TCCP wanted relaxation in taxes that was turned down. TCCP also said that it would refine ore in a foreign country whereas federal as well as Balochistan government had insisted to set up refinery in Pakistan to beware of end product.
Due to differences on some issues, Balochistan cabinet decided not to go with TCCP on December 12, 2009. "TCCP has explored two bodies out of 13 according to feasibility report submitted to Balochistan government," official said adding that eleven bodies are still to be explored.
NA body chairman Sheikh Waqas said that Rekodiq project had gold and copper reserves worth $3 trillion according to some media reports and expressed surprise over a peanut share of Balochistan amounting to $5 billion during 56 years lease period. It was also informed that government would receive an amount of $7 billion through taxes and duties from gold and copper Rekodiq project.