Firm says ready to address Balochistan’s concern

QUETTA: Chief of the Tethyan Copper Company Pakistan (Pvt) Limited has said his company is aware of the reservations expressed by the Balochistan government over the multi-billion-dollar Reko Diq gold and copper project and is ready to address them.

“We submitted a feasibility report about the project in August this year and are still waiting for a response from the government,” TCC Chief Executive Officer Gerhard Von Boris said at a press conference here on Friday.

He said the provincial government would have a permanent member in the board of directors of the company and access to financial details.

Mr Boris said that TCC had invested $450 million and drilled 300,000 metres over the past four years in Reko Diq, Chagai district, for preparing the feasibility study.

“More than 50 per cent of free cash flow will go to the federal and Balochistan governments in the form of royalty, taxes and proportionally distributed profits,” he added. He said that prices of gold and copper were highly volatile and for evaluation of such a project average long-term prices were determined by independent analysis.

Mr Boris said that 90 per cent jobs had been earmarked for local people; 11,500 jobs would be provided during construction work. Besides, 2,500 locals would be given permanent jobs.

He said that a separate village with all facilities would be set up for employees.


http://www.dawn.com/2010/11/13/firm-says-ready-to-address-balochistan%E2%80%99s-concern.html