ISLAMABAD – A group of Pakistan’s top businessmen is reportedly interestedin acquiring copper and gold mines in Balochistan.
According to the reports, the Balochistan government has already held ameeting with four different companies/conglomerates. The companies haveexpressed willingness to invest up to $1 billion to acquire and develop themines. However, to acquire the mines, the companies will have toparticipate in a bidding process.
The four interested groups are Lucky Cement Ltd., Arif Habib Group, FatimaGroup, and Liberty Power Tech Ltd. The copper/gold mines are located inReko Diq, Balochistan.
Previously, the license to develop gold and copper mines at Reko Diq washeld by Barrick Gold Corp. and Antofagasta Plc. However, the former ChiefJustice of Pakistan Iftikhar Chaudhary revoked the license in 2011.
Barrick Gold Corp. and Antofagasta Plc moved against the Pakistangovernment, taking their case to the International Center for Settlement ofInvestment Disputes (ICSID). In July, ICSID declared its verdict imposing afine of $5.8 billion on Pakistan.
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Reko Diq, a small town in Chagai, Balochistan, has the biggest gold andcopper deposits in Pakistan. Once fully developed, 250,000 ounces of goldand 200,000 tons of copper can be extracted from the mines each year forthe next 50 years.
*Via: Al Jazeeralink*
