I fail to understand how the people who are advocating indigenous mining of gold and copper from Reko Diq for “better interest of the country” could prove it in practical terms. The massive amount of funds and technology required for realising the potential of Reko Diq is not simply possible for Pakistan to generate. Pakistan has no history of modern large scale mining and I believe there are misconceptions about the value and quantity of the mineral resource at Reko Diq. Quantifying resources and its valuation is a complex and technical process and its easy for non-professionals to get carried away by simplifying it.
Valuation of a resource factors in several variables which include technical issues like metallurgical recoveries to non-technical variables like cost of doing business in a country. However, for analysts who understand the business, it is quite clear that the reporting mechanisms of the co-owners of TCC relating to declaration of resources, production figures etc are of international standards and all figures are audited by leading auditing firms and any misreporting by them can land them into trouble with their shareholders and securities exchange commissions of London, New York and Toronto where they are listed.
I am afraid that the elements that have been creating legal and quasi-legal hurdles in the way of foreign investment coming to the country for Reko Diq are not doing any good to the nation. I appeal to the Chief Justice, Supreme Court of Pakistan to decide the case of suo motu action taken against Tethyan Coppers Company keeping the ground realities and the interest of the common people of Pakistan in mind.
REHAN ALI
Karachi
