Australian company to invest $1bn in mining

[LRE]

Australian company to invest $1bn in mining

By Ijaz Kakakhel

ISALAMABAD: The world’s largest copper and gold producing Australian company, with an investment of $1 billion, will launch a mega project— Reko Dik Copper-gold— near Saindak in Balochistan by 2010.

The project would help the government to produce 0.3 million tonnes of copper annually, thus bringing the country for the first time on the list of major copper producing countries of the world. Senior officials told Daily Times here Monday that in the same vein, Duddar lead-zinc deposits in Balochistan are being developed and expected to commence production by end 2008. The expected production from these deposits is 100,000 tonnes of zinc concentrates and 33,000 tonnes of lead concentrates, the export of which will bring precious foreign exchange.

Officials in the Ministry of Petroleum and Natural resources further informed that development of Thar coal field in Sindh, containing 175 billion tonnes of coal, which are of best quality lignite deposits in the world, on completion would be used for power generation and gasification. Similarly all the non-glamorous minerals, having immense socio-economic benefits would be fully utilised. The abundantly available gypsum deposits would be utilised for producing gypsum plaster to partially replace cement in housing sector. Reclamation of saline-sodic soils and treatment of low quality tube wells water through the application of gypsum would bring socio-economic impacts in rural areas, generate gainful employment and improve crop yield.

Phosphate rocks of NWFP would be exploited to set up Phosphatic fertilizer industries, dimension stones, precious and semi precious stones industries along with the establishment of other mineral based industries to meet the increasing demand of various sectors of the economy.

In the annual budget 2008-09, the federal government has earmarked Rs 221.9 million for minerals (non-fuel) sector. Major projects to be carried out during 2008-09 include: feasibility study gasification of Thar coal worth Rs 104 million, national coal policy worth Rs 22.7 million, exploration and evaluation of coal fields of Chamlang-Bala Dhaka, Bahlol and parts of Ghazi Basin in Balochistan worth Rs 10.9 million and establishment of project monitoring and evaluation cell worth Rs 18 million.

Pakistan is blessed with rich and diversified mineral potential due to favourable geological environment. The government has been and is still nurturing environment to build the mineral sector as a potent factor in the national economy. The officials further said that potential of the country in this sector is widely recognised but the sector is not developed. The government made the development of the mining industry as ‘priority sector’ in various five years plans, but none of these efforts were materialised. Adequate institutional, human, research and development and other relevant infrastructure have been established for improvement of this sector but they remain under-utilised.

http://www.dailytimes.com.pk/default.asp...2008_pg5_5