1.

World Largest Gold and Copper Mine Reko Diq Balochistan

America is After Reko Diq Balochistan Gold Reserves !"cl#sive Report Reko Diq is a small to$n in Chagai District% Balochistan% &akistan% in a desert area '( kilometres north $est of )a#k#ndi% near to the *ran+Afghan ,order. Reko Diq% also the name of an ancient volcano% literall- means sand- peak% ,#t this is something of a misnomer. *t co#ld ,e called .angav Diq% or gold peak% sa-s /-ed 0a1l+e+2aider% a development e"pert on s#ch pro3ects. 4Belo$ the sands lie some 15.6 million tons of copper and 5(.7 million o#nces of gold. .he copper+gold deposits at Reko Diq are ,elieved to ,e even ,igger than those of /archeshmeh in *ran and !scondida in Chile8. 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 drdesert conditions of so#th$est &akistan $ithin the remote and sparsel- pop#lated province of Balochistan . .he .eth-an ,elt is a prospective region for large gold+copper porph-ries. Reko Diq is a giant copper and gold pro3ect in Chaghi. .he main license :!L;< is held 3ointl- ,- the Government of Balochistan :5;=<% Antofagasta Minerals :6'.;=< and Barrick Gold :6'.;=< Act#all- Barrick has a ;(= interest in .eth-an Copper Compan- :the other ;(= is o$ned ,Antofagasta plc<% $hich has a ';= interest in the Reko Diq pro3ect and associated mineral interests :for a res#lting 6'.;= interest in Reko Diq<. As of Decem,er 61% 5((>% Barrick8s share of meas#red and indicated and inferred gold reso#rces is >.; and >.? million o#nces respectivel-. Barrick8s share of meas#red and indicated and inferred copper reso#rces is 11.; and >.; ,illion po#nds respectivel-. A f#rther 1? minerali1ed porph-r- ,odies are kno$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 @/ A16( million. .he pro3ect is faced $ith ac#te shortage of $ater for having no s#rface flo$. .he e"pected mining operations in Reko Diq $ill depend on s#,+s#rface $ater $ith the e"ploration of #ndergro#nd $ater potential in the region ,eing a pre+req#isite for an- mining pro3ect. .he Real 0ace of Barrick GoldB *n a reader poll cond#cted ,- the Censored )e$s ,logC Readers% primaril- *ndigeno#s &eoples% voted Monsanto as the second Worst Compan- in the World. &ea,od- !nerg- Corp.% recentl- granted a life of mine permit to e"pand coal mining on )ava3o and 2opi lands% $as voted the third Worst Compan- in the 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 World Barrick Gold% responsi,le for the deaths of *ndigeno#s &eoples aro#nd the $orld% ,egan its onsla#ght on the sacred lands of the Western /hoshone at Mo#nt .ena,o d#ring the .hanksgiving holida-s. Before leaving office% &resident B#sh /r. made it possi,le for Barrick to lease lands for gold mining in )evada . Dnce 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

complaints to the compan- shareholders. *n A#stralia% DR Congo% Ghana % .an1ania and )e$ G#inea % *ndigeno#s &eoples are fighting Barrick8s destr#ction in solidarit- $ith the Western /hoshone. .he- are fighting the coring o#t of mo#ntains for min#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 $ater ponds for ,irds and animals. EWh- doesn8t the mining compan- go and dig the Fatican or the Mormon .a,ernacle instead of Western /hoshone lands% *8m s#re the- $ill find gold there%G said Mar- McClo#d% Western /hoshone grandmother% mo#rning the ,#lldo1ing of the pines near the ceremonial gro#nds on Mo#nt .ena,o in )ovem,er. )ear the &orgera mine in )e$ 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 $ith imp#nit- for -ears no$.G /-dne- residents also raised concerns a,o#t c-anide. *n 5(('% concerned citi1ens gathered at Ch#llora in $estern /-dne- to protest against the m#ltinational mining compan- Barrick Gold..he protest $as part of an *nternational Da- of Action against the compan-. Barrick Gold has mines across the glo,e% incl#ding )orth and /o#th America% Africa and A#stralia. Rise of Barrick Gold in &akistan .he He$ish Compan- $orking there states that the pre+feasi,ilit- st#d- is e"pected to ,e finali1ed in the third q#arter of 5((7. Work on the feasi,ilit- st#d- has commenced and is e"pected to ,e completed in earl- 5(1(. Barrick ,o#ght a stake in the Reko Dig copper+gold pro3ect in &akistan for A1(( million in 0e,r#arfrom Antofagasta &LC% a Chilean mining gro#p. *n 5(('% When C!D Greg Wilkins $ent to *slama,ad in connection $ith that pro3ect% M#nk said% he $as received ,- ,oth &rime Minister /ha#kat A1i1 and &resident &erve1 M#sharraf. Altho#gh the compan-8s assessment of opport#nities in that co#ntr- is still in the earl- da-s% Wilkins said Barrick $o#ld ,e Ever- interestedG in more pro3ects there% despite challenges posed ,- the presence of al+Jaida in some of its regions. According to Mine$e,.comK. What is ,elieved to ,e one of the $orld8s largest reserves of gold and copper $ere discovered last -ear in the Chaghi area in &akistan8s so#th$est Balochistan &rovince. .he Balochistan 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 inferred and indicated reso#rces. /ome s#rve-s have s#ggested that Reko Diq ma- contain as m#ch as 11 ,illion po#nds of copper and nine million o#nces of gold. B2& Billiton% $hich $as involved in the pro3ect at an earlier date% also ,elieved Reko Diq ma- have the potential to -ield copper reso#rces that ma- event#all- make it a m#lti+,illion pro3ect. Antofagasta is no$ a ;(+;( partner $ith Barrick. *f the pro3ect is s#ccessf#l% it ma- have the potential to generate a mining ind#str- in &akistan. An estimated @/A?L million pro3ect ,#dget incl#des a scoping st#d- and initial pre+feasi,ilit- costs. .he scoping 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 told anal-sts last $eek. While Riko $as initiall- envisioned as a '5%((( tpd operation% Davidson said the 3oint vent#res partners

are no$ e"amining Esignificantl- greater o#tp#ts.G *n an e+mail to Mine$e,% Barrick /enior Fice &resident Fince Borg said% ED#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.G 2e noted that Reko Diq is in a ver- remote location% Balochistan % Eand $ork on the site is contin#ing.G .he ConspiracB2& Billiton% the $orld8s largest mining compan-% started this pro3ect $ith the A#stralian firm .eth-an% entering into a 3oint vent#re $ith the Balochistan government and estimating an ann#al prod#ction of 5(( to ;(( million po#nds of copper. A large n#m,er of porph-r- rocks are also kno$n to e"ist. .he interests of the A#stralian compan- in Reko Diq and its neigh,o#rhood $ere taken over ,- the .oronto+,ased Barrick Gold Corporation and the Chilean Antofagasta Minerals. .hese companies $ere handed a ver- l#crative deal. .he terms agreed #pon sho$ that there is more to the iss#e than meets the e-e. Ro-alties $ere red#ced from the initial fo#r to t$o per cent. .erms for the provision of cost+free land for an airport and a ?(( km Reko Diq+G$adar road $ere accepted. An #n3#st cla#se is that a 5; per cent 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 A;,n. *n Decem,er 5((; it saidB E.eth-an8s principal 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 hosts significant copper+gold porph-r- deposits as part of an e"tended copper+gold ,elt. .otal indicated and inferred 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 of 15>.> million tonnes $ith a copper grade of (.'=.G According to Ro, Mag#ire of the Dominion paper% Barrick is the foremost gold mining corporation in the $orld% $ith sales e"ceeding A5.L,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 $ill create tho#sands of high pa-ing 3o,s and give a massive ,oost to the local econom-. 2o$ever the main fear man- have is that reven#es generated ,- this pro3ect $ill ,e sq#andered ,- corr#pt officials. .herefore it is imperative that a mechanism ,e evolved to ens#re that reven#es generated act#all- lead to ,etter infrastr#ct#re% ed#cation and health. .hese corporations have o#tso#rced services to &akistani contractors s#ch as RDCMMDR! &F. L*M*.!D% /ec#rit- 5(((% Nia #l 2aq O Compan-% and foreign companies like Capital Drilling O Nain Drilling Compan-. *n April 5((>% Nain Drilling Compan- terminated the services of fort- drilling assistants 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 $ho claim that the Baloch have ,enefited from their trickle+do$n effect. 2o$ever% mining #ses sodi#m c-anide% arsenic and other chemicals $hich prod#ce to"ic ,-+prod#cts. According to Marcel Cla#de% vice+president of the international environmental gro#p Dceana% gold mining d#mps '7 tonnes of $aste for ever- 5> grams of gold and prod#ces 7L per cent of the $orld8s arsenic emissions. Comm#nit- representatives of affected indigeno#s comm#nities in &ap#a )e$ G#inea% Chile and A#stralia traveled great distances to come to .oronto last -ear to speak o#t against the $orld8s largest gold mining corporation% Barrick Gold% regarding their gold mining operations $here the- live.

1.

Chile to invest $ 4 bn in copper exploitation in Balochistan: Envoy

ISLAMABAD, Oct 8 (APP): Ambassador Fernando Schmidt Ariztia, Foreign Secretar o! "hi#e said on Frida that his go$ernment %as #oo&ing !or%ard to the !ina#ization o! its in$estment in the e'(#oitation o! co((er in Ba#ochistan %here their com(an M)S Anto!ag*sta %o*#d in$est c#ose to + !o*r bi##ion, -e said the (ro.ect %o*#d t*rn into a s mbo# o! gro%ing Pa&istan/"hi#e re#ations and o(en *( ne% $istas !or bi#atera# coo(eration, -e stated this %hi#e ta#&ing to Foreign Secretar Sa#man Bashir here, 0he "hi#ean Foreign Secretar , %ho is c*rrent# on a $isit to Pa&istan, met %ith Foreign Secretar Sa#man Bashir and disc*ssed iss*es o! m*t*a# interest, 0he Ambassador o! "hi#e to Pa&istan,L*is Pa#ma (resident in 0ehran) %as a#so (resent, 0he "hi#ean Foreign Secretar , artic*#ating the &e e#ements o! "hi#e1s !oreign re#ations, stated that his co*ntr attached great im(ortance to *(grading its bi#atera# re#ations %ith Pa&istan in a## %a#&s o! #i!e, 0here %as tremendo*s (otentia# e'isted bet%een the t%o co*ntries to (romote commercia# and economic re#ations, he added, Foreign Secretar Sa#man Bashir reiterated Pa&istan1s desire to a*gment its re#ations %ith "hi#e *nder#ining that Pa&istan o!!ered great in$estment o((ort*nities and that the t%o co*ntries sho*#d e'amine (ossibi#ities in m*#ti(#e areas inc#*ding economic, commercia#, c*#t*ra#, science and techno#og and (eo(#e/to/(eo(#e contacts, 0he Foreign Secretar e'(ressed satis!action at the #e$e# o! bi#atera# coo(eration at di!!erent m*#ti#atera# !or*ms, 0he t%o sides agreed to #oo& into the (ossibi#it o! entering into a !ree trade agreement %hich %o*#d accr*e m*t*a# bene!its, 0he a#so agreed to %or& to%ards instit*ting bi#atera# ann*a# (o#itica# cons*#tations bet%een the Foreign Ministries o! the t%o co*ntries, Foreign Secretar Bashir raised the iss*e o! a Pa&istan nationa#, Sai!*r 2ehman, %ho %as sti## in the c*stod o! "hi#ean a*thorities on acco*nt o! a##eged (ossession o! traces o! e'(#osi$es, 0he "hi#ean Foreign Secretar e'(ressed the ho(e that the %o*#d be ab#e to reo(en their resident di(#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 $isa abo#ition agreement !or di(#omatic (ass(orts o! the t%o co*ntries, Foreign Secretar Bashir ga$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,

1.

Barricks, Tethyan to invest $3.2bn in copper, gol pro!ect

ISLAMABAD: "akistan#s potential copper an gol eposit $eko %i& 'Balochistan( has been able to attract a )resh invest*ent to the t+ne o) $3.2 billion by a !oint vent+re co*prising the ,orl #s largest *ining co*pany Barricks -ol Corporation o) Cana a an Chillian Tethyan Copper Co*pany, Federa# Secretar Finance Sa#man Siddi5*e hosted a rece(tion in hono*r o! the "resi ent an Chie) Exec+tive o) Barricks -ol Corporation o) Cana a , Aaron 2egent %hich %as attended b Federa# Minister !or Finance Dr -a!eez Shai&h, di(#omats and senior go$ernment o!!icia#s, "resi ent an CE. o) Barricks -ol Corporation o) Cana a , Aaron 2egent s(ea&ing on the occasion said 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$e#o(ment !or the bene!it o! the (ro$ince as %e## as !or the econom o! Pa&istan, -e in!ormed that de$e#o(ment o! 2e&o Di5 %o*#d create aro*nd 33,666 .ob o((ort*nities and the (ro.ect o(erations %o*#d (ro$ide .obs to some 78, 666 to main# #oca#s as %e## as technica# h*man reso*rce, -e ho(ed 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*te in 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 com(an , the com(anies managing the 2e&o Di5 (ro.ect ha$e so !ar in$ested +766 mi##ion on !easibi#it and other a##ied %or&s and *(on s*ccess!*# com(#etion o! the st*d both the com(anies ha$e decided to ma&e an in$est o! +9,7 bi##ion in mining o! co((er 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 8,4 bi##ion tonnes, From this reso*rce, an estimated 7,7 bi##ion tonnes o! economica## mineab#e ore, %ith an a$erage co((er grade o! 6,8 (ercent and an a$erage go#d grade o! 6,9 g tonne %i## be (rocessed to (rod*ce 77 bi##ion (o*nds o! co((er (36,666,666 tonnes) and 39 mi##ion o*nces o! go#d in the !orm o! (a ab#e meta# in abo*t 8: ears o! mine #i!e, According to the detai#s, initia# mine ca(ita# in$estment is estimated at +7 to +7,8 bi##ion !or de$e#o(ment o! state/o!/the/art co((er and go#d mine !aci#it and in second in$estment %i## add another +7,8 bi##ion, For the de$e#o(ment o! s*((orting in!rastr*ct*re %o*#d re5*ire an in$estment o! +866 mi##ion in Ba#ochistan, 0he #i!e o! the mine is estimated at 86 ears to ;6 ears, 0he #oca# (roc*rement o! goods and ser$ices o! the (ro.ect has been estimated at +966 mi##ion to +<66 mi##ion ann*a## , 0he in$estors are considering *sing rene%ab#e energ o((ort*nities #i&e %ind !arms, geotherma# and bio/!*e#s !or their o(erations in 2e&o Di5, 0he (ro.ect %o*#d bene!it Ba#ochistan in the !orm o! s*bstantia# (ro!its, ro a#ties and #ease (a ments, 0a#&ing to media on the occasion Federa# Minister !or Finance said that s*ch a h*ge in$estment in Pa&istan1s mining sector sho%s the interest o! the %or#d/c#ass in$estors in Pa&istan, -e said that the go$ernment o! Pa&istan %o*#d (ro$ide ma'im*m coo(eration to the in$estors to ma&e this (ro.ect a s*ccess, Secretar Finance Sa#man Siddi5*e e'(ressed ho(e that the entr o! the %or#d1s #argest mining com(an in Pa&istan1s mining sector %o*#d he#( Pa&istan attract more in$estment, trans!er o! techno#og and h*man reso*rce de$e#o(ment %ithin the co*ntr , -e a#so e'tended !*## ass*rance o! coo(eration to the in$estors !or their s*ccess in 2e&o Di5 Pro.ect, Federa# Secretar Petro#e*m =amran Lashari in!ormed the re(orters on

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