Daily times reported that as Pakistani scientists refining uranium successfully in the same way the country is about to process and refines the copper and gold reserves exist in Balochistan through available local human resources.
Dr Samar Mubarakmand revealed these views in front of National Assembly Standing Committee on Inter Provincial Coordination held in the Parliament House.
He said “We are refining uranium locally then why not copper and gold. All benefits would be get by the local people instead of giving big shares to any foreign company.”
He said that in Reko Diq, Balochistan resources are 730 million tonnes of which 0.6% copper and 0.4 gram per tonne gold. The estimated global resources are more than 3 billion tonnes of mineralized material including 18 million tonnes of copper and 35 million of gold. He informed that annual operating cost is PKR 2.045 billion and annual profit from processing 5000 tonnes a day in a single shift of work is PKR 6.079 billion and if three shifts work per day the annual profit is PKR 18.238 billion.
Other associated metals including lead, zinc, silver, cobalt, iron and sulphur ere considered as additional by products, sufficient enough to contribute in the pay back for the cash flow of the operating mine.
Dr Mubarakmand further briefed the committee that the government has gave 400 square kilometers areas for exploration to a foreign company and not for mining purposes. By 2009, the foreign company has completed feasibility report and submitted the government with request for mining lease, which is still pending with the government of Balochistan. The company did exploration in 6 kilometers areas and informed the government of Pakistan that it has USD 250 billion worth gold. The Planning Commission of Pakistan has prepared a project on Reko Diq, which cleared by CDWP and ECNEC and now waiting for green single from Balochistan government.
Under this local project, he said that “If we able to process 15000 tonnes per day, the Balochistan government would get USD 212 million per year. While the foreign company has informed the government that they would process 0.2 million tonnes per day and the annual profit would be USD 160 million per annum. The company shows lower income because it revealed 70% expenditures. The company would reached 0.2 million tonnes per day in 25 years in different phase wise.”
He also claimed that the foreign company applied for mining with certain tough conditions that the whole ore would be process outside Pakistan and after that foreign company would determine the price of copper and gold. And after determining prices by foreign company abroad the government of Balochistan would be able to get less than 10%t profit.
He said that the provincial government of Balochistan has decided to run the project through local experts. From 100 to 150 meters in depth the copper and gold reserves might be discovered. He asked that if the government provided security to foreign companies then why not for local experts. For successful implementation of this project locally, he claimed that all plants would be established indigenously through available human resources.
The Director General Mineral, Ministry of Petroleum and Natural Resources briefed the committee about Saindak Copper Gold project informing that total resources are 412 million tonnes of ore, consisting of 3 ore bodies, East, North and South, 100% owned by the government of Pakistan. Total income of government of Pakistan and government of Balochistan from this project is USD 44.866 million and profit share and profit share of Chinese Company is about USD 165 million.
After the briefing members appreciated the work of Dr Samar Mubarakmand on these projects and asked that the committee fully support these projects. Members asked questions about these projects, which were replied by the officials. On agenda item regarding consideration on amendments in the Pakistan Medical and Dental Council Amendment Act after extensive discussion the committee approved the Bill unanimously.
(Sourced from www.dailytimes.com.pk)
