Pakistan World Records 3
Reko Diq is a giant copper and gold project in Chaghi, containing 12.3 million tons of copper and 20.9 million ounces of gold in inferred and indicated resources.. The copper-gold deposits at Reko Diq are believed to be even bigger than Sarcheshmeh in Iran and Escondida in Chile. The Reko Diq copper deposits which is in the neighborhood of Saindak copper project, is four times larger in copper ore tonnage than Saindak. The most credible international surveys suggest that Reko Diq is one of the biggest undeveloped copper projects in the world with over 11 billion pounds of copper and nine million ounces of gold.
Quote from Dawn News article:
A few weeks ago we mentioned Reko Diq in front of Pakistani friends. Since they did not know about it they made fun of us. Many believe in gora sources only. Here is another story published by Business Week/Bloomberg about the colossal Gold and Copper mines of Pakistan. The mines are so huge that the gold has been estimated at around $100 billion.
This is a national treasure.
The filthy hands of corrupt politicians should be kept out of the tilly. These mines should pay off the debt and build an additional 60,000 schools, and hire 60,000 teachers (needed for 100% literacy), and 5000 hospitals (universal healthcare requires about 1000 additional basic health facilities). Dr. Farrukh Saleem has calculated the cost of schools and hospitals at only $10 billion.
The citizens should take this causeput this in a national trust with Edhi or/and KPMG/Price Waterhouse as the accountants. The National Press should monitor this on a daily basis.
http://www.businessweek.com/news/20...pakistan-mining-license-after-good-talks.html
March 9 (Bloomberg) Antofagasta Plc, the copper producer controlled by Chiles Luksic family, will seek a mining license for a site in Pakistan that may rival its largest project after very good talks with the head of the provincial government.
We are hopeful because in the last two months theres been a very positive approach, Chief Executive Officer Marcelo Awad said in London today. We have met with the chief minister in Baluchistan, which was very difficult before, and he was very open and very straightforward. It was a very good meeting.
Antofagasta will seek the license in mid-2010, he said.
The comments mark a shift from a year ago when Awad said Antofagasta, which shares three-quarters of the Reko Diq site with partner Barrick Gold Corp., needed clearer mining laws before it could invest in the development. Reuters in January reported the government, which holds the remaining quarter, planned to cancel the $3 billion projects exploration license.
Now they know us for the last three years, Awad said in an interview. They have visited Chile and seen our facilities and Barricks facilities. They have confidence in us. The region had poor experiences with prior mining licenses, he said.
Antofagasta planned output of more than 350,000 tons of copper and 900,000 ounces of gold at Reko Diq, in excess of Los Pelambres, its largest mine, Awad said in April. He said at the time that talks had advanced very slowly.
The main concern was that foreign companies may report lower metal content than they produce, he said in the interview. That may have been possible in the past but now with the current equipment its impossible. We gave them assurances.
Final Stages
Resources at Reko Diq are estimated at 4.1 billion tons with a copper grade of 0.5 percent and a gold grade of 0.291 gram a ton, according to Antofagasta. The company plans to boost Los Pelambres output to 407,000 tons in 2010, from 311,600 tons.
To apply for the mining license you have to present a feasibility study and impact environmental assessment, Awad said. They are in the very final stages now.
The London-based company may be interested in buying companies in Peru, Australia and the U.S. as it seeks to diversify beyond its projects in Chile, Awad said.
Well be looking all the time, but not aggressive, he said. Were a conservative company. Were looking for companies in a place where we can dig around and expand.
Antofagasta is interested in businesses with a minimum annual output capacity of 70,000 tons of copper, he said. Excluding acquisitions, the company plans annual production of the metal of 1 million tons within five years, Awad said.
