AIRLINK 204.45 Increased By ▲ 3.55 (1.77%)
BOP 10.09 Decreased By ▼ -0.06 (-0.59%)
CNERGY 6.91 Increased By ▲ 0.03 (0.44%)
FCCL 34.83 Increased By ▲ 0.74 (2.17%)
FFL 17.21 Increased By ▲ 0.23 (1.35%)
FLYNG 24.52 Increased By ▲ 0.48 (2%)
HUBC 137.40 Increased By ▲ 5.70 (4.33%)
HUMNL 13.82 Increased By ▲ 0.06 (0.44%)
KEL 4.91 Increased By ▲ 0.10 (2.08%)
KOSM 6.70 No Change ▼ 0.00 (0%)
MLCF 44.31 Increased By ▲ 0.98 (2.26%)
OGDC 221.91 Increased By ▲ 3.16 (1.44%)
PACE 7.09 Increased By ▲ 0.11 (1.58%)
PAEL 42.97 Increased By ▲ 1.43 (3.44%)
PIAHCLA 17.08 Increased By ▲ 0.01 (0.06%)
PIBTL 8.59 Decreased By ▼ -0.06 (-0.69%)
POWER 9.02 Decreased By ▼ -0.09 (-0.99%)
PPL 190.60 Increased By ▲ 3.48 (1.86%)
PRL 43.04 Increased By ▲ 0.98 (2.33%)
PTC 25.04 Increased By ▲ 0.05 (0.2%)
SEARL 106.41 Increased By ▲ 6.11 (6.09%)
SILK 1.02 Increased By ▲ 0.01 (0.99%)
SSGC 42.91 Increased By ▲ 0.58 (1.37%)
SYM 18.31 Increased By ▲ 0.33 (1.84%)
TELE 9.14 Increased By ▲ 0.03 (0.33%)
TPLP 13.11 Increased By ▲ 0.18 (1.39%)
TRG 68.13 Decreased By ▼ -0.22 (-0.32%)
WAVESAPP 10.24 Decreased By ▼ -0.05 (-0.49%)
WTL 1.87 Increased By ▲ 0.01 (0.54%)
YOUW 4.09 Decreased By ▼ -0.04 (-0.97%)
BR100 12,137 Increased By 188.4 (1.58%)
BR30 37,146 Increased By 778.3 (2.14%)
KSE100 115,272 Increased By 1435.3 (1.26%)
KSE30 36,311 Increased By 549.3 (1.54%)

ISLAMABAD: The Balochistan government is scrutinising a proposal submitted by a local consortium for development of Reko Diq, a copper and gold mine in Balochistan, an official of Balochistan government, on condition of anonymity told Business Recorder.

On May 15, 2021, a local consortium had made a proposal to develop the copper and gold mine. The consortium, “National Resources Private Limited” had proposed to the provincial government, it is ready to develop and implement the Tanjeel reserves as a starter project, followed by development of the Reko Diq area reserves.

The official said the provincial government is working on various proposals for the development of the Reko Diq.

However, he said the enforcement of a $6 billion award that the International Center for Settlement of Investment Disputes (ICSID) slapped on the country on July 12, 2019 for revoking the TTC contract for mining is federal government’s subject.

The Supreme Court had blocked the joint venture, Balochistan Mineral Exploration Company (BMEC) and TCC, in 2013 from developing Reko Diq.

In May, Balochistan Provincial Assembly also constituted a 10-member special committee of parliamentarians headed by Speaker Mir Abdul Qudoos Bizenjo to look into the issue of licences granted to companies including agreements signed with Tethyan Copper for exploration of minerals in the province. A reference was also pending in accountability court, Quetta, against 26 people, including former officers of the Balochistan government, in the Reko Diq copper-cum-gold project case for causing a loss of billions of rupees. When the penalty was first announced in July 2019, the prime minister formed a commission to investigate the reasons as to how Pakistan ended up in this predicament; who was responsible for making the country suffer such a loss and what are the lessons learnt, so that mistakes made do not repeat in the future. However, the finding of the commission was not been published, the official said. On May 25, the British Virgin Islands (BVI) high court ruled that Pakistan could retain its assets earlier attached in connection with the Reko Diq mines case.

At a press conference, Federal Minister for Law Dr Farogh Naseem said that an out-of-court settlement with the TCC is still not out of question.

Copyright Business Recorder, 2021

Comments

Comments are closed.