ISLAMABAD: The exploration and development of mega project of Rekodiq Copper Gold Mines in Balochistan shall generate revenue of about $3.5 billion for the federal government and $4.5 billion for Balochistan over the life of the mine, which is 40 years.
This information was provided to Prime Minister Yousuf Raza Gilani by a delegation of consortium of mineral exploring companies led by Aron Regent, president and CEO of Barrick Gold Corporation and Antofagasta Minerals S.A. of Chile in a meeting at the PM secretariat here.
The PM was further briefed that the project would generate mass scale employment of about 6,500 skilled and unskilled workers, transfer of technology, promotion of downstream industries, establishment of new township in the region and would place the country on the world minerals map.
Prime Minister Yousuf Raza Gilani reiterated the government’s determination to explore all possible opportunities to attract investment as well as to utilise the natural resources of the country for the economic prosperity of the people.
He informed the delegation, which intends to invest in exploration and development of Rekodiq Copper-Gold Mines project in Balochistan, that the federal government has decided in principle to fully support the consortium and expects the project would be launched at the earliest.
The prime minister directed the ministries of finance, petroleum and natural resources to hold further discussions with the consortium and to coordinate with the government of Balochistan to finalise the details.
The initial investment of the consortium, which included a Canadian and a Chilean firm, would be $200 million, which could reach up to $4 billion as per the progress on the project.
The meeting was also attended by Syed Naveed Qamar, Minister for Petroleum and Natural Resources, Dr Abdul Hafeez Shaikh, Minister for Finance, Ms Hina Rabbani Khar, Minister of State for Finance and secretary Petroleum and Natural Resources.
Mr Aaron Regent was accompanied by the head of Tethyan Copper Company, Gerhard Von Borries, Ms. Csrie Bogsi and Kelin Dashnisky of Barrick Gold Corporation and the Antofagasta Minerals.
This information was provided to Prime Minister Yousuf Raza Gilani by a delegation of consortium of mineral exploring companies led by Aron Regent, president and CEO of Barrick Gold Corporation and Antofagasta Minerals S.A. of Chile in a meeting at the PM secretariat here.
The PM was further briefed that the project would generate mass scale employment of about 6,500 skilled and unskilled workers, transfer of technology, promotion of downstream industries, establishment of new township in the region and would place the country on the world minerals map.
Prime Minister Yousuf Raza Gilani reiterated the government’s determination to explore all possible opportunities to attract investment as well as to utilise the natural resources of the country for the economic prosperity of the people.
He informed the delegation, which intends to invest in exploration and development of Rekodiq Copper-Gold Mines project in Balochistan, that the federal government has decided in principle to fully support the consortium and expects the project would be launched at the earliest.
The prime minister directed the ministries of finance, petroleum and natural resources to hold further discussions with the consortium and to coordinate with the government of Balochistan to finalise the details.
The initial investment of the consortium, which included a Canadian and a Chilean firm, would be $200 million, which could reach up to $4 billion as per the progress on the project.
The meeting was also attended by Syed Naveed Qamar, Minister for Petroleum and Natural Resources, Dr Abdul Hafeez Shaikh, Minister for Finance, Ms Hina Rabbani Khar, Minister of State for Finance and secretary Petroleum and Natural Resources.
Mr Aaron Regent was accompanied by the head of Tethyan Copper Company, Gerhard Von Borries, Ms. Csrie Bogsi and Kelin Dashnisky of Barrick Gold Corporation and the Antofagasta Minerals.
-www.dawn.com
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