AIRLINK 202.81 Increased By ▲ 1.91 (0.95%)
BOP 10.11 Decreased By ▼ -0.04 (-0.39%)
CNERGY 6.90 Increased By ▲ 0.02 (0.29%)
FCCL 34.16 Increased By ▲ 0.07 (0.21%)
FFL 16.96 Decreased By ▼ -0.02 (-0.12%)
FLYNG 24.10 Increased By ▲ 0.06 (0.25%)
HUBC 134.50 Increased By ▲ 2.80 (2.13%)
HUMNL 13.89 Increased By ▲ 0.13 (0.94%)
KEL 4.84 Increased By ▲ 0.03 (0.62%)
KOSM 6.78 Increased By ▲ 0.08 (1.19%)
MLCF 43.81 Increased By ▲ 0.48 (1.11%)
OGDC 219.35 Increased By ▲ 0.60 (0.27%)
PACE 7.07 Increased By ▲ 0.09 (1.29%)
PAEL 41.80 Increased By ▲ 0.26 (0.63%)
PIAHCLA 17.24 Increased By ▲ 0.17 (1%)
PIBTL 8.62 Decreased By ▼ -0.03 (-0.35%)
POWER 9.03 Decreased By ▼ -0.08 (-0.88%)
PPL 187.90 Increased By ▲ 0.78 (0.42%)
PRL 42.75 Increased By ▲ 0.69 (1.64%)
PTC 25.01 Increased By ▲ 0.02 (0.08%)
SEARL 103.20 Increased By ▲ 2.90 (2.89%)
SILK 1.01 No Change ▼ 0.00 (0%)
SSGC 43.00 Increased By ▲ 0.67 (1.58%)
SYM 18.44 Increased By ▲ 0.46 (2.56%)
TELE 9.09 Decreased By ▼ -0.02 (-0.22%)
TPLP 13.09 Increased By ▲ 0.16 (1.24%)
TRG 68.12 Decreased By ▼ -0.23 (-0.34%)
WAVESAPP 10.30 Increased By ▲ 0.01 (0.1%)
WTL 1.89 Increased By ▲ 0.03 (1.61%)
YOUW 4.13 No Change ▼ 0.00 (0%)
BR100 12,019 Increased By 70.6 (0.59%)
BR30 36,739 Increased By 371.4 (1.02%)
KSE100 114,324 Increased By 487.7 (0.43%)
KSE30 35,951 Increased By 189.3 (0.53%)

The Supreme Court on Monday issued contempt notice to Tethyan Copper Company (TCC) for launching advertisement campaign in print media over Reko-Diq project, despite the fact that the matter was sub judice.
A three-member bench comprising Chief Justice Iftikhar Muhammad Chaudhry, with Justice Ghulam Rabbani and Justice Khalilur Rehman Ramday was hearing petitions filed against leasing of Reko-Diq gold and copper mines in Balochistan worth over $260 billion to foreign exploration companies by the federal government not fulfilling the legal formalities.
Barrister Zafrullah Khan of Wattan Party had filed a contempt petition against TCC, praying the court to issue contempt of court notice to the company for running advertisement campaign in the print media despite the fact the matter was sub judice. The court directed the company to submit its reply till January 19. The court also took strong exception to the non-filing of replies by both federal government and Balochistan governments on the main petition, challenging the matter.
The Chief Justice observed that despite keeping in view the importance of the case, both federal and provincial government should have filed their replies in time. Ahmer Bilal Sufi (advocate), who is assisting Dr Samar Mubarakmand in the matter, told the court that Dr Samar Mubarakmand was asked to carry out the project as he and his team was fully capable of executing the project including mining, extraction and purification of the metals etc. The court adjourned further hearing till January 25.
Earlier, the court had asked Dr Samar Mubarakmand, a noted nuclear scientist and founding Chairman of Pakistan's National Engineering and Scientific Commission to assist the court in the matter. On last hearing, Dr Samar, who is also Member Planning Commission of Pakistan, had told the court that Pakistan had the capability and expert staff to explore, mine and refine the natural reserves of gold and copper at Reko-Diq area in Balochistan at local level.
Dr Samar, however, had told the court that the foreign company TCC wanted to take the raw material abroad, which would cause huge loss to the country. He had further informed the court that the company would give $160 million to the government annually, however if the government would do it by its own, it (govt) would earn $2-billion annually.
On November 3, 2010, it was reported that some 20 top corporate bosses and lobbyists of two of the world's largest gold mining groups had been meeting President Asif Zardari, Prime Minister Syed Yousuf Raza Gilani, Governor State Bank and others in Islamabad, pressing them to quickly hand over one of the world's biggest gold and copper treasures found in Balochistan at Reko-Diq, worth over $260 billion, to their companies for exploration and mining. Later, Tariq Asad advocate challenged it in the apex court.

Copyright Business Recorder, 2011

Comments

Comments are closed.