The National Resources Private Limited (NRL) – a local joint venture company – has proposed to the government that it may be allowed to develop the Tanjeel reserves first and then the vast Reko Diq copper-cum-gold reserves, Dawn News reported.
The JV company has submitted all necessary documents and feasibility studies to the Balochistan Mineral Exploration Company (BMEC) on an unsolicited basis to be given the task of developing the said reserves.
BMEC is itself a joint venture of the Balochistan government (90 percent stake), the Federal Government (10 percent stake), and the concession holder of EL199 (consisting of Reko Diq & Tanjeel reserves).
On the other hand, NRL is a joint venture between the Arif Habib Equity (Private) Limited, Mari Petroleum Company Limited, Liberty Mills Limited, Reliance Commodities (Private) Limited (Fatima group), Y.B. Pakistan Limited (Lucky group), and South Western Mining (Private) Limited, the news report informed.
NRL CEO, Shamsuddin A. Sheikh, said that the company has presented a comprehensive proposal to the government explaining that through the development of Tanjeel and Reko Diq reserves under Public-Private Partnership, “the NRL is hopeful that it can usher in a new era of progress in this region.”
He said that the Chagai area has great potential and vast mineral resources. “The project will have a complete social uplift package for the entire area, in addition to the development of the mining sector,” he added.
The CEO said that this project can help the government in developing the mining area and resolving several issues, including the $6 billion fine imposed by an international court in Reko Diq cases.
He also informed that an initial investment of $5-6 billion will be needed, but with expansion in the project, more may also be needed at a later stage. He also told the media that the response from the BMEC board to the proposal was ‘very positive’ and they assured the NRL that the matter would be reviewed by the transaction adviser in the best interest of the province and the country.
