Pakistan to tap copper reserves next year: Dawn

By Amin Ahmed

ISLAMABAD: Pakistan is expected to emerge on the world map next year as a major copper producing country when the world’s largest copper and gold producing company’s billion dollar investment in Saindak is expected to be launched.

The ‘Reko Dik Copper-gold project’ is expected to produce 0.3 million tons of copper annually through indigenous physical and human capabilities. However, this is subject to entering into viable agreement between the mining company, federal government and Balochistan government.

The Duddar lead-zinc deposits in Balochistan being developed by Pakistan Mineral Development Corporation (PMDC) have come into production to produce 100,000 tons of zinc concentrates and 33,000 tons of lead concentrates for export.

Official reports reveal that the mineral sector is expected to grow by two per cent in the fiscal year, beginning next month with an allocation of Rs580 million earmarked by the Planning Commission in its annual plan.

The government has decided to launch three projects during the coming fiscal year which include ground follow-up of aeromagnetic anomalies in Chagai district, accelerated Geological Mapping and Geochemical exploration of the out-crop area of Pakistan, and up-gradation and strengthening of Geo-sciences Advance Research Laboratories of Geological Survey of Pakistan (GSP).

The Thar coal field containing 175 billion tons of good quality lignite, on completion, would be used for power generation and gasification.

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Pakistan among gold producing countries: Daily Times

ISLAMABAD: By producing 7.746 tonnes of gold during the last five years – 2004 to 2008 – Pakistan has joined the ranks of gold producing countries.

A senior official of the Ministry of Petroleum and Natural Resources told APP, “Presently copper, gold, silver and magnetite are being produced from the Saindak Copper-Gold Project in Balochistan’s Chaghi district.”

According to the data available with the Saindak Metal Limited – during the last five years – Pakistan has produced 86,013 tonnes of copper, 7.746 tonne gold and 11.046 tonne silver, besides the production of 14,482 tonnes of magnetite concentrate (iron), bringing in a total of $633.573 million.

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Gold import falls by 77 percent in Pakistan: Pakistan Times

KARACHI: Gold imports in the country has almost come to end, following persistent gold price hikes in the global markets, while the February imports of gold as compared to January recorded a fall by 77 percent.

All Sindh Sarraf Jewellers Association (ASSJA) Sindh president, Haroon Rashid Chand said that 10 kilogrammes of gold worth Rs25 million was imported in February 2009 as against 43 kilogrammes in January 2009, which was valued at Rs96 million.

According to available data, the February 2009 gold import as compared to February 2008 imports of 164 kilogrammes showed a decline of 90 percent.

He said that gold imports in the first eight months of the current fiscal year falling by 29 percent aggregated to 480 kilogrammes valued at $1.08 billion, while in the same period previous year it was 672 kilogrammes valued $89.8 million.

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Pakistan has 326m barrels in oil reserves, Senate informed: Daily Times

ISLAMABAD: Pakistan has more than 326 million barrels of oil and 29,790 billion cubic feet of gas reserves, the Senate was told on Wednesday. The petroleum adviser said the country had 185,165 million tonnes of coal reserves, mainly in Sindh. The demand for oil is 19.2 million tonnes a year and that for gas 5.3 million cubic feet a day. He also said there were approximately 4,504 million tonnes of copper-gold resources in Reko Diq in Balochistan, and there are 292 employees working on the project including, 247 local people. Minister for Parliamentary Affairs Babar Awan told the House that out of the $5.9 billion assistance for October 2005 earthquake victims committed by donors, $3.41 billion have been disbursed and the remaining $2.5 billion are in the pipeline. More than Rs 89 billion have been paid as compensation to the earthquake victims – Rs 57 billion in rural housing subsidy, Rs 2.86 billion in urban housing subsidy, Rs 5.2 billion in the Livelihood Support Cash Grant Programme and Rs 13.2 billion as compensation for deaths and injuries.

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