Undoubtedly, Pakistan is fortunate enough regarding natural resources as the country is blessed with enormous mineral wealth, particularly Balochistan. And if Pakistan develops these assets, it will emerge as one of the richest economies of the world. However, we have badly failed in this regard due to incompetent and corrupt governments and poor policies in the country.
Pakistan’s Reko Diq which means “Sandy Mountain” in Balochi language, an unexploited copper and gold mine of fabulous potential, was meant to be the biggest foreign investment in the country’s mining sector, but it too has been entangled in snare for one or the other reason.
Tethyan Copper Company (TCC) had sunk $220 million over the last five years into exploring the deposit. According to the media reports, the company was planning to invest a total of $3.3 billion when the provincial government abruptly refused to grant a mining license last year. The Balochistan government, meanwhile, has recently handed out exploration permits in the area around Reko Diq to new Pakistani and Chinese companies with no mining experience.
Consistent turmoil in Pakistani politics and other uncertainties hanging over the economy risk are deepening the steady attrition of foreign direct investment while TCC’s feasibility study alone was already the largest single foreign direct investment in Pakistan’s history.
The mystery behind all this saga of Reko Diq has been further intensified after startling facts revealed that 11 new licenses were issued hastily in the area to a group of five companies.
MUHAMMAD SHAHID
Rawalpindi