World Largest Gold and Copper Mine Reko Diq Balochistan.doc

8/14/2019 World Largest Gold and Copper Mine Reko Diq Balochistan.doc

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1. World Largest Gold and Copper Mine Reko Diq Balochistan

America is After Reko Diq Balochistan Gold Reserves !"cl#sive ReportReko Diq is a small to$n in Chagai District% Balochistan% &akistan% in a desert area '( kilometres north$est of )a#k#ndi% near to the *ran+Afghan ,order.

Reko Diq% also the name of an ancient volcano% literall- means sand- peak% ,#t this is something of amisnomer. *t co#ld ,e called angav Diq% or gold peak% sa-s /-ed 0al+e+2aider% a development e"perton s#ch pro3ects.4Belo$ the sands lie some 15.6 million tons of copper and 5(.7 million o#nces of gold. he copper+golddeposits at Reko Diq are ,elieved to ,e even ,igger than those of /archeshmeh in *ran and !scondida inChile8.What is Reko Diq &ro3ect9

he Reko Diq pro3ect is a large copper+gold porph-r- reso#rce on the eth-an ,elt% located in the dr-desert conditions of so#th$est &akistan $ithin the remote and sparsel- pop#lated province ofBalochistan . he eth-an ,elt is a prospective region for large gold+copper porph-ries.

Reko Diq is a giant copper and gold pro3ect in Chaghi. he main license :!L;< is held 3ointl- ,- theGovernment of Balochistan :5;=.? million o#nces respectivel-. Barrick8s share of meas#red and indicated and inferred copperreso#rces is 11.; and >.; ,illion po#nds respectivel-.A f#rther 1? mineralied porph-r- ,odies are kno$n to e"ist% $ith the potential to place the Reko Diq&ro3ect among the largest #ndeveloped copper reso#rces on the glo,e.he CC has estimated ann#al prod#ction 5(( to ;(( million copper tones from the pro3ect. he

Compan- started the Reko+Diq copper pro3ect in 5((6 $ith an investment of @/ 16( million. hepro3ect is faced $ith ac#te shortage of $ater for having no s#rface flo$. he e"pected mining operationsin Reko Diq $ill depend on s#,+s#rface $ater $ith the e"ploration of #ndergro#nd $ater potential in theregion ,eing a pre+req#isite for an- mining pro3ect.he Real 0ace of Barrick Gold

*n a reader poll cond#cted ,- the Censored )e$s ,log Readers% primaril- *ndigeno#s &eoples% votedMonsanto as the second Worst Compan- in the World. &ea,od- !nerg- Corp.% recentl- granted a life ofmine permit to e"pand coal mining on )ava3o and 2opi lands% $as voted the third Worst Compan- inthe World.Barrick Gold Corp.% $hich ,egan the destr#ction of the Western /hoshone8s Mo#nt ena,o region

d#ring hanksgiving% $as voted the fo#rth Worst Compan- in the World. Black$ater World$ide%responsi,le for m#rders and ,r#talit- $orld$ide% $as voted the fifth Worst Compan- in the WorldBarrick Gold% responsi,le for the deaths of *ndigeno#s &eoples aro#nd the $orld% ,egan its onsla#ght onthe sacred lands of the Western /hoshone at Mo#nt ena,o d#ring the hanksgiving holida-s. Beforeleaving office% &resident B#sh /r. made it possi,le for Barrick to lease lands for gold mining in )evada .nce o#t of office% B#sh /r. $ent to $ork for Barrick as a senior cons#ltant.&rotestors gathered o#tside of Barrick Gold8s ann#al general meeting last -ear to sho$ their solidarit-$ith the affected indigeno#s comm#nit- representatives $ho $ere inside the meeting voicing their


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complaints to the compan- shareholders.*n A#stralia% DR Congo% Ghana % anania and )e$ G#inea % *ndigeno#s &eoples are fighting Barrick8sdestr#ction in solidarit- $ith the Western /hoshone. he- are fighting the coring o#t of mo#ntains formin#te particles of gold and the poisoning of $ater $ith c-anide leaching.Carrie Dann and other Western /hoshone grandmothers said the @nited /tates is trespassing on Western

/hoshone treat- land% destro-ing mo#ntains% trees% food and medicine% $hile leaving dirt- poll#ted $aterponds for ,irds and animals.EWh- doesn8t the mining compan- go and dig the Fatican or the Mormon a,ernacle instead ofWestern /hoshone lands% *8m s#re the- $ill find gold there% said Mar- McClo#d% Western /hoshonegrandmother% mo#rning the ,#lldoing of the pines near the ceremonial gro#nds on Mo#nt ena,o in)ovem,er.)ear the &orgera mine in )e$ G#inea% Hethro #lin of the Akali ange Association% told Barrick Gold%EIo#r sec#rit- g#ards have ,een shooting and killing o#r people and raping% even gang+raping o#r$omen $ith imp#nit- for -ears no$./-dne- residents also raised concerns a,o#t c-anide.*n 5(('% concerned citiens gathered at Ch#llora in $estern /-dne- to protest against the m#ltinational

mining compan- Barrick Gold.he protest $as part of an *nternational Da- of Action against thecompan-.Barrick Gold has mines across the glo,e% incl#ding )orth and /o#th America% Africa and A#stralia.Rise of Barrick Gold in &akistan

he He$ish Compan- $orking there states that the pre+feasi,ilit- st#d- is e"pected to ,e finalied in thethird q#arter of 5((7. Work on the feasi,ilit- st#d- has commenced and is e"pected to ,e completed inearl- 5(1(.Barrick ,o#ght a stake in the Reko Dig copper+gold pro3ect in &akistan for 1(( million in 0e,r#ar-from Antofagasta &LC% a Chilean mining gro#p.*n 5(('% When C! Greg Wilkins $ent to *slama,ad in connection $ith that pro3ect% M#nk said% he $asreceived ,- ,oth &rime Minister /ha#kat Ai and &resident &erve M#sharraf.Altho#gh the compan-8s assessment of opport#nities in that co#ntr- is still in the earl- da-s% Wilkinssaid Barrick $o#ld ,e Ever- interested in more pro3ects there% despite challenges posed ,- the presenceof al+Jaida in some of its regions.According to Mine$e,.comK. What is ,elieved to ,e one of the $orld8s largest reserves of gold andcopper $ere discovered last -ear in the Chaghi area in &akistan8s so#th$est Balochistan &rovince. heBalochistan government has a 5;= share $hile Barrick Gold has o,tained ;(= of the Reko Diq pro3ect.Reko Diq is ,elieved to contain 15.6 million tons of copper and 5(.7 million o#nces of gold in inferredand indicated reso#rces. /ome s#rve-s have s#ggested that Reko Diq ma- contain as m#ch as 11 ,illionpo#nds of copper and nine million o#nces of gold.B2& Billiton% $hich $as involved in the pro3ect at an earlier date% also ,elieved Reko Diq ma- have thepotential to -ield copper reso#rces that ma- event#all- make it a m#lti+,illion pro3ect. Antofagasta isno$ a ;(+;( partner $ith Barrick. *f the pro3ect is s#ccessf#l% it ma- have the potential to generate amining ind#str- in &akistan.An estimated @/? million pro3ect ,#dget incl#des a scoping st#d- and initial pre+feasi,ilit- costs. hescoping st#d- has ,een completed for the Western &orph-ries $ith an #pdated reso#rce anticipated at-ear end% Barrick !"ec#tive Fice &resident% !"ploration and &ro3ect Development% Ale" Davidson toldanal-sts last $eek.While Riko $as initiall- envisioned as a '5%((( tpd operation% Davidson said the 3oint vent#res partners


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are no$ e"amining Esignificantl- greater o#tp#ts.*n an e+mail to Mine$e,% Barrick /enior Fice &resident Fince Borg said% E#r pro3ect staff in*slama,ad are safe% $hich is the paramo#nt concern $herever $e operate% and $e are in reg#lar contact$ith them. 2e noted that Reko Diq is in a ver- remote location% Balochistan % Eand $ork on the site iscontin#ing.

he Conspirac-

B2& Billiton% the $orld8s largest mining compan-% started this pro3ect $ith the A#stralian firm eth-an%entering into a 3oint vent#re $ith the Balochistan government and estimating an ann#al prod#ction of5(( to ;(( million po#nds of copper. A large n#m,er of porph-r- rocks are also kno$n to e"ist.he interests of the A#stralian compan- in Reko Diq and its neigh,o#rhood $ere taken over ,- theoronto+,ased Barrick Gold Corporation and the Chilean Antofagasta Minerals. hese companies $erehanded a ver- l#crative deal. he terms agreed #pon sho$ that there is more to the iss#e than meets thee-e. Ro-alties $ere red#ced from the initial fo#r to t$o per cent. erms for the provision of cost+freeland for an airport and a ?(( km Reko Diq+G$adar road $ere accepted. An #n3#st cla#se is that a 5; percent share $ill ,e paid to the Balochistan government% ,#t onl- after it invests 5; per cent in the pro3ect.

Antofagasta8s net assets at the end of 5((' gre$ to almost ;,n. *n Decem,er 5((; it said Eeth-an8sprincipal assets are a '; per cent interest in the highl- prospective Chagai 2ills region of )orth West&akistan kno$n as Reko Diq% incl#ding the an3eel Mineral Reso#rce. his mining district hostssignificant copper+gold porph-r- deposits as part of an e"tended copper+gold ,elt. otal indicated andinferred mineral reso#rce estimates at these properties are 1%516 million tonnes $ith a copper grade of(.;>= and a gold grade of (.5> grams per tonne. !stimates incl#de pro,a,le reserves at the an3eel of15>.> million tonnes $ith a copper grade of (.'=.According to Ro, Mag#ire of the Dominion paper% Barrick is the foremost gold mining corporation inthe $orld% $ith sales e"ceeding 5.,n in 5((; and the largest reserves in the ind#str-% at nearl- 7(million o#nces. &roponents of this pro3ect state that the mines $ill create tho#sands of high pa-ing 3o,sand give a massive ,oost to the local econom-. 2o$ever the main fear man- have is that reven#esgenerated ,- this pro3ect $ill ,e sq#andered ,- corr#pt officials. herefore it is imperative that amechanism ,e evolved to ens#re that reven#es generated act#all- lead to ,etter infrastr#ct#re% ed#cationand health.hese corporations have o#tso#rced services to &akistani contractors s#ch as RCMR! &FL*M*!D% /ec#rit- 5(((% Nia #l 2aq O Compan-% and foreign companies like Capital Drilling O NainDrilling Compan-. *n April 5((>% Nain Drilling Compan- terminated the services of fort- drillingassistants and recr#ited novices and non+locals. he ANA 0o#ndation has tried to protect their rights%and on H#ne 1?% 5((> a $ell+attended demonstration $as held o#tside the J#etta &ress Cl#,.here are man- advocates of s#ch mega pro3ects $ho claim that the Baloch have ,enefited from theirtrickle+do$n effect. 2o$ever% mining #ses sodi#m c-anide% arsenic and other chemicals $hich prod#ceto"ic ,-+prod#cts. According to Marcel Cla#de% vice+president of the international environmental gro#pceana% gold mining d#mps '7 tonnes of $aste for ever- 5> grams of gold and prod#ces 7 per cent ofthe $orld8s arsenic emissions.Comm#nit- representatives of affected indigeno#s comm#nities in &ap#a )e$ G#inea% Chile andA#stralia traveled great distances to come to oronto last -ear to speak o#t against the $orld8s largestgold mining corporation% Barrick Gold% regarding their gold mining operations $here the- live.


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1. Chile to invest $ 4 bn in copper exploitation inBalochistan: Envoy

ISLAMABAD, Oct 8 (APP): Ambassador Fernando Schmidt Ariztia, Foreign Secretar o! "hi#e said onFrida that his go$ernment %as #oo&ing !or%ard to the !ina#ization o! its in$estment in the e'#oitation o!coer in Ba#ochistan %here their coman MS Anto!ag*sta %o*#d in$est c#ose to + !o*r bi##ion -e said thero.ect %o*#d t*rn into a smbo# o! gro%ing Pa&istan/"hi#e re#ations and oen * ne% $istas !or bi#atera#cooeration

-e stated this %hi#e ta#&ing to Foreign Secretar Sa#man Bashir here 0he "hi#ean Foreign Secretar, %ho isc*rrent# on a $isit to Pa&istan, met %ith Foreign Secretar Sa#man Bashir and disc*ssed iss*es o! m*t*a#interest

0he Ambassador o! "hi#e to Pa&istan,L*is Pa#ma (resident in 0ehran) %as a#so resent

0he "hi#ean Foreign Secretar, artic*#ating the &e e#ements o! "hi#e1s !oreign re#ations, stated that hisco*ntr attached great imortance to *grading its bi#atera# re#ations %ith Pa&istan in a## %a#&s o! #i!e

0here %as tremendo*s otentia# e'isted bet%een the t%o co*ntries to romote commercia# and economicre#ations, he added

Foreign Secretar Sa#man Bashir reiterated Pa&istan1s desire to a*gment its re#ations %ith "hi#e *nder#iningthat Pa&istan o!!ered great in$estment oort*nities and that the t%o co*ntries sho*#d e'amine ossibi#itiesin m*#ti#e areas inc#*ding economic, commercia#, c*#t*ra#, science and techno#og and eo#e/to/eo#econtacts

0he Foreign Secretar e'ressed satis!action at the #e$e# o! bi#atera# cooeration at di!!erent m*#ti#atera#!or*ms

0he t%o sides agreed to #oo& into the ossibi#it o! entering into a !ree trade agreement %hich %o*#d accr*em*t*a# bene!its 0he a#so agreed to %or& to%ards instit*ting bi#atera# ann*a# o#itica# cons*#tations bet%eenthe Foreign Ministries o! the t%o co*ntries

Foreign Secretar Bashir raised the iss*e o! a Pa&istan nationa#, Sai!*r 2ehman, %ho %as sti## in thec*stod o! "hi#ean a*thorities on acco*nt o! a##eged ossession o! traces o! e'#osi$es

0he "hi#ean Foreign Secretar e'ressed the hoe that the %o*#d be ab#e to reoen their residentdi#omatic Mission in Is#amabad, %hich %as c#osed do%n in 3484, as soon as ossib#e

0he t%o sides agreed to e'edite the matter o! a $isa abo#ition agreement !or di#omatic assorts o! thet%o co*ntries

Foreign Secretar Bashir ga$e a detai#ed brie!ing on the regiona# sit*ation and ho% Pa&istan %as earnest#engaged in romoting eace and stabi#it in So*th Asia
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1. Barricks, Tethyan to invest $3.2bn in copper, golpro!ect

ISLAMABAD: "akistan#s potential copper an gol eposit eko %i& 'Balochistan( has been able toattract a )resh invest*ent to the t+ne o) $3.2 billion by a !oint vent+re co*prising the orl#s largest*ining co*pany Barricks -ol Corporation o) Canaa an Chillian Tethyan Copper Co*pany

Federa# Secretar Finance Sa#man Siddi5*e hosted a recetion in hono*r o! the "resient an Chie)Exec+tive o) Barricks -ol Corporation o) Canaa, Aaron 2egent %hich %as attended b Federa#Minister !or Finance Dr -a!eez Shai&h, di#omats and senior go$ernment o!!icia#s

"resient an CE o) Barricks -ol Corporation o) Canaa, Aaron 2egent sea&ing on the occasionsaid that the .oint $ent*re to de$e#o the 2i&o Di5 into a %or#d c#ass mine %ith trans!er o! techno#og and

h*man reso*rce de$e#oment !or the bene!it o! the ro$ince as %e## as !or the econom o! Pa&istan

-e in!ormed that de$e#oment o! 2e&o Di5 %o*#d create aro*nd 33,666 .ob oort*nities and the ro.ectoerations %o*#d ro$ide .obs to some 7, 666 to main# #oca#s as %e## as technica# h*man reso*rce -ehoed that e!!orts o! a## the sta&eho#ders %o*#d enab#e the ro.ect to be a s*ccess and this %o*#d contrib*tein the econom -e sho%ed !*## con!idence in the econom o! Pa&istan and said that s*ccess o! this ro.ect%o*#d a$e the %a !or more in$estment in mining sector o! the co*ntr

0he detai#s obtained !rom the o!!icia#s o! the coman, the comanies managing the 2e&o Di5 ro.ect ha$eso !ar in$ested +766 mi##ion on !easibi#it and other a##ied %or&s and *on s*ccess!*# com#etion o! the st*dboth the comanies ha$e decided to ma&e an in$est o! +97 bi##ion in mining o! coer and go#d in 2e&o Di5

According to the res*#ts o! the !easibi#it st*d, the minera# reso*rce at 2e&o Di5 is estimated at 4 bi##iontonnes From this reso*rce, an estimated 77 bi##ion tonnes o! economica## mineab#e ore, %ith an a$eragecoer grade o! 6 ercent and an a$erage go#d grade o! 69 g tonne %i## be rocessed to rod*ce 77bi##ion o*nds o! coer (36666666 tonnes) and 39 mi##ion o*nces o! go#d in the !orm o! aab#e meta# inabo*t ears o! mine #i!e

According to the detai#s, initia# mine caita# in$estment is estimated at +7 to +7 bi##ion !or de$e#oment o!state/o!/the/art coer and go#d mine !aci#it and in second in$estment %i## add another +7 bi##ion For thede$e#oment o! s*orting in!rastr*ct*re %o*#d re5*ire an in$estment o! +66 mi##ion in Ba#ochistan 0he #i!eo! the mine is estimated at 6 ears to ;6 ears 0he #oca# roc*rement o! goods and ser$ices o! the ro.ecthas been estimated at +966 mi##ion to +


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the occasion that %ith the aro$a# o! the 38th amendment in the ar#iament, the ro#e and scoe o! the!ederating *nits in mining sector ha$e been determined once and !or a## A!ter this big achie$ement theMinistr o! Petro#e*m %o*#d again start cons*#tation rocess %ith a## sta&eho#ders inc#*ding ro$inces on!ina#isation o! >ationa# Minera# Po#ic

Documents

World Largest Gold and Copper Mine Reko Diq Balochistan.doc