Pakistan is to make gold and copper mining at priority

 $65 billion Copper,Gold reserves discovered in Pakistan which can contribute 1.25 b $ every year

 Major reserves of copper and gold in Balochistan’s Rekodiq area have been discovered which would contribute about $1.25 billion annually to the national economy, it is learnt.



“This is a major discovery by all international standards”, a senior government official told Dawn on Wednesday. The president or the prime minister will make a formal announcement after completing legal formalities, he said.

The Rekodiq mining area has proven estimated reserves of two billion tons of copper and 20 million ounces of gold. According to the current market price, the value of the deposits has been estimated at about $65 billion, which would generate thousands of jobs.

The size of Pakistan’s national economy (GDP) at present is about $104 billion.

Balochistan government has 25 per cent stake in the Rekodiq project. Rest of the 75 per cent stakes of the project have now been taken over on 50:50 basis by Antofagasta of Chile and Barrick Gold of Canada.

“The discovery has ranked Rekodiq among the world’s top seven copper reserves”, said an industry expert requesting not to be named for political reasons associated with ongoing security operation in the province.

“This is a quantum jump....the mineral resources may contribute to the national economy despite inadequate support this sector gets from the government”, he added.

The Rekodiq project is estimated to produce 200,000 tons of copper and 400,000 ounces of gold per year, at an estimated value of $1.25 billion at current market prices. The copper and gold are currently traded at about $5,000 per ton and $600 per ounce respectively in the international market.

The project will, however, require about $1 billion investment to start commercial production by 2010. It has so far consumed about $50 million to prove two billion tons of copper and 20 million ounces of gold.

The presence of a mineral deposits in the area was identified by the Geological Survey of Pakistan in early 1990s in collaboration with BHP Billiton of Australia.

Later in 2000, Tethyan Corporation (TCC) of Australia took over the project from BHP and invested $30 million by raising funds through international listing and drilled over 75,000 meters to prove the reserves.

The TCC has recently been taken over by two of the world’s largest copper and gold mining firms — Antofagasta of Chile and Barrick Gold Corporation of Canada. The market capitalisation of Barrick alone is estimated at over $25 billion. This is the first private sector funded mining venture in Pakistan.

The chairmen of the two mining majors — Jean Paul Luksic of Antofagasta and Gregory Charles Wilkings of Barrick — also had a meeting with Prime Minister
Pakistan is rich in mineral resources waiting to be tapped by both domestic and foreign investors by bringing in latest techniques and state-of-the-art technology in this sector, the prime minister told the two investors. He said the logistics chain would be improved throughout the country to facilitate the movement of cargo. He hoped that Gwadar Deep Sea Port would be a hub for export of mining products from Balochistan
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Pakistan has gold reserves worth trillions of dollars: Samar
 
Renowned Nuclear Scientist Dr Samar Mubarakmand Saturday inaugurated the recently-installed Rs 70 million high-tech 4 MeV Pelletron Accelerator and Rs 40 million Laser Laboratories at the GC University, Lahore Centre for Advanced Studies in Physics (GCU CASP). GCU Vice Chancellor Dr Khalid Aftab was also present on this occasion.
Speaking on the occasion, Dr Samar gave wake-up call to the national scientists, saying Pakistan is extremely rich in minerals especially coal, copper and gold and what it needed is indigenous technology for exploitation of these resources. We should not let the foreigners to exploit our resources and pay us peanuts in form of royalty.
The nuclear scientist said that Pakistan had gold and copper reserves of trillions of dollars in Balochistan. The gold will become so cheap in Pakistan if we mine it indigenously. He also highlighted the importance of Thar coal projects.
Dr Samar who remained associated with Pakistan’s Nuclear and Missile Programme for 42 years called on the national scientists to design their research projects on a par with the industrial and economic needs of Pakistan. Dr Samar talking to GCU Vice Chancellor Dr Khalid Aftab made liberal offers for help by the Planning Commission in installation more high-tech equipments at GCU CASP for research. The Vice Chancellor also sought the help of the Higher Education Commission and the Pakistan Planning Commission in its faculty development programmes.
Earlier, Director CASP Dr Ijaz M Ghauri briefed Dr Samar about the recently installed high equipments at CASP including Materials Testing Lab, Materials Fabrication Lab, Transmission Electron Microscopy Lab, Scanning Electron Microscopy Lab and Sample Preparation lab. The Materials Testing Laboratory houses 50 kN and 150 kN Universal Testing Machines which can perform compression, tension and bending tests from 180 to 600 degree Celsius.

http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/Lahore/03-Jan-2010/Pak-has-gold-reserves-worth-trillions-of-dollars-Samar


Unfortunately Pakistanis ruling class is either Unable or have other priorities  and working on only and only one  agenda. that's do and help in corruption.Unfortunately masses of Pakistan class is sleeping.They are unable to control 500 b of internal corruption in Institutes.Being a Muslim country how corrupt we are? what will be its end? When we will be able to make our own Budget? We have all crops in Pakistan all minerals , Rivers, Dames ,precious stones etc.
There are few countries that  90 percent consist of hills and only 10 percents plains  8 percent of their  their total area is cultivated. but they make their own Budget without foreign aid.for example Tajikistan. and many other countries,but due to corruption of these people Ruling class and Bureaucratizes, Governments have been overthrown by Military.It is the only institute that comes forward time to time to stop these after some time that class also joins  them.Old bureaucratic system should be overthrown . These are the people that teaches the every class the ways to make more and more money.all are busy in earning commission.This class saves their corruption and also corruption of ruling class.These are enemies of Allama Iqbal's philosophy and of the masses of Pakistan
We have  plenty of Mir Jaffirs and Mir Sadiqs ..