Tethyan Copper plans to invest $3.2bn in Reco Dig
Original article at Daily Times | Sep 30, 2010 | Original story
QUETTA: Tethyan Copper Company Pakistan plans to operate a world class copper and gold mine with 2.2 billion tonnes economically mineable reserves by deploying a cutting edge technology at Reco Dig, Chagai, Balochistan as a joint venture with the Balochistan government with initial $3.2 billion foreign direct investment over four years.
"We have submitted a feasibility study to Balochistan government and are having talks with the provincial government to conclude an agreement which will result in take-off for the project in next four years," TCCP senior project geologist Asadur Rehman told a group of journalists who visited the site of project, 70 kilometres north west of Nokandi. "Balochistan will get 25 percent profit plus royalty. Balochistan government will invest 25 percent in construction, development of project."
He said if an agreement was signed with the Balochistan government, TCCP- Barrick Gold Corporation and Antofagasta Minerals of Chile-will export condensate copper and gold through Gwadar port through 682km buried pipeline from Reco Dig to Gwadar at prices quoted on the London Stock Exchange. TCCP has so far invested $214 million in Reco Dig project. He said estimated payable metal production at Reco Dig over about 56 years of mine life is 22 billion pounds of copper and 13 million ounces of gold. It has an average grade of 0.5 percent copper and 0.3 grammes gold per tonne.
