The Balochistan government has asked large local investors to form a consortium to invest in the Reko Diq copper and gold mining project. Chief Minister Balochistan, Jam Kamal Khan, said this while speaking with senior journalists at the Punjab Governor’s House on Monday.
CM Kamal said that their priority was to convince Pakistani investors to look into this project. He maintained that neither the provincial nor the federal government has the finances to develop this project.
We want Pakistani businessmen to put their money in this project because it has the potential to help them grow big and go global.
He said that the project could prove to be a game-changer for both the province and the country.
Chief Minister Balochistan said that the development of the project requires an investment of 3-4 billion US dollars. This is besides the $6 billion penalty slapped by the International Centre for Settlement of Investment Disputes (ICSID) in July for terminating the agreement with the Tethyan Copper Company (TCC).
“We have moved in the US for the annulment of the damages,” he said, acknowledging that the chances were slim.
Jam Kamal mentioned that the TCC is still willing to strike a deal with Pakistan but will protect its commercial and legal interests until the dispute is over.
About Reko Diq
Reko Diq has large gold and copper reserves in Balochistan’s Chagai district. They are reportedly the world’s fifth-largest gold reserves with total mineral resources of $5.9 billion tonnes.
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