Tethyan Copper of Australia has taken the contract to develop this mine. Barrick Gold Corporation of Canada and Antofagasta of Chile have a joint-ownership of the copper-gold deposit at Reko Diq.
The Reko Diq deposit is being explored by Tethyan Copper Company Pty Ltd (75%) and the (BDA)Balochistan Development Authority (25%). Tethyan Copper Company is held jointly (50:50) by Barrick Gold Corporation and Antofagasta Minerals.
Currently the deposit is at scoping / pre feasibility stage. It is a world class copper / gold porphyry style deposit, typical of the tethyan belt.
It has been sold to the Zionist controlled regimes by the Pakistani Government under the dictator at a price of $21 billion. Rough estimates suggest that the gold and copper at the surface accounts for $65 billion worth of deposits.
Tell me how many of us know about it ...remember the total debt on Pakistani Nation is $38Billion.
Now the question is why Pakistani media and Govt is silent about it? why it is kept secret from Pakistani Nation?
www.pdac.ca/ pdac/publication s/papers/ 2003/Schloderer. pdf
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$101m takeover bid for Tethyan
By Barry FitzGerald
Resources editor
Tethyan Copper's big-time copper/gold potential at its Reko Diq project in the wilds of Pakistan has turned the Perth-based explorer into a $101 million takeover target.
Hong Kong merchant banker Crosby Capital and an unnamed consortium of investors have bid 64¢ a share for the group, spun out from Perth-based nickel producer Mincor in 2003.
The bid price represents a hefty 32 per cent premium to Tethyan's 48.5¢ closing price yesterday - a depressed level that reflected the general recent sell-off in copper explorers.
Tethyan is expected to label the bid as opportunistic and one that seriously undervalues growth potential. The "global" resource at Reko Diq has been put at 5.5 million tonnes of copper and 9 million ounces of gold.
Work at Reko Diq - a BHP Billiton discovery in the 1990s - is well advanced on a "starter" project on the H4 copper deposit.
A heap leach/solvent extraction operation - producing 40,000 tonnes of copper a year for more than 15 years at a start-up cost of $150 million - is the plan.
It is very much a starter project, as the main game at the remote desert-at-altitude location will be a "mega" project, as Tethyan likes to put it, costing several billion dollars.
The mega project would seek to exploit Reko Diq's status as one of the world's biggest porphyry copper/gold systems. Production of more than 200,000 tonnes of copper and 400,000 ounces of gold annually is the ambition.
Crosby noted that Reko Diq was in a very early stage of development, without a completed bankable feasibility study.
"The development risks for the project are exacerbated by its future funding requirements, which even on the H4 starter project alone, would require an amount that is a multiple of the current market capitalisation of the company," Crosby said.
Despite making the bid, Crosby also talked down the project's location, saying there were "operational risks in Pakistan" and "territorial risks" because of its proximity to Afghanistan and Iran.
By Barry FitzGerald
Resources editor
Tethyan Copper's big-time copper/gold potential at its Reko Diq project in the wilds of Pakistan has turned the Perth-based explorer into a $101 million takeover target.
Hong Kong merchant banker Crosby Capital and an unnamed consortium of investors have bid 64¢ a share for the group, spun out from Perth-based nickel producer Mincor in 2003.
The bid price represents a hefty 32 per cent premium to Tethyan's 48.5¢ closing price yesterday - a depressed level that reflected the general recent sell-off in copper explorers.
Tethyan is expected to label the bid as opportunistic and one that seriously undervalues growth potential. The "global" resource at Reko Diq has been put at 5.5 million tonnes of copper and 9 million ounces of gold.
Work at Reko Diq - a BHP Billiton discovery in the 1990s - is well advanced on a "starter" project on the H4 copper deposit.
A heap leach/solvent extraction operation - producing 40,000 tonnes of copper a year for more than 15 years at a start-up cost of $150 million - is the plan.
It is very much a starter project, as the main game at the remote desert-at-altitude location will be a "mega" project, as Tethyan likes to put it, costing several billion dollars.
The mega project would seek to exploit Reko Diq's status as one of the world's biggest porphyry copper/gold systems. Production of more than 200,000 tonnes of copper and 400,000 ounces of gold annually is the ambition.
Crosby noted that Reko Diq was in a very early stage of development, without a completed bankable feasibility study.
"The development risks for the project are exacerbated by its future funding requirements, which even on the H4 starter project alone, would require an amount that is a multiple of the current market capitalisation of the company," Crosby said.
Despite making the bid, Crosby also talked down the project's location, saying there were "operational risks in Pakistan" and "territorial risks" because of its proximity to Afghanistan and Iran.
Reko Diq
The Reko Diq is a large copper-gold porphyry resource on the Tethyan belt, located in the dry desert conditions of southwest Pakistan within the remote and sparsely populated province of Baluchistan. The Tethyan belt is a prospective region for large gold-copper porphyries. Barrick has a 50% interest in Tethyan Copper Company (the other 50% is owned by Antofagasta plc), which has a 75% interest in the Reko Diq project and associated mineral interests (for a resulting 37.5% interest in Reko Diq). As of December 31, 2007, Barrick’s share of measured and indicated and inferred resources are 3.7 and 10.5 million ounces respectively. Barrick’s share of measured and indicated and inferred copper are 4.3 and 13.4 billion pounds respectively1.
The project has moved into the feasibility stage with expected completion scheduled for early 2009. Drilling results to date continue to confirm the district’s exploration potential.
QUOTE
Measured and Indicated Resources
(at $650/oz gold and $2.25/lb copper)
Tons Grade Contained Gold Contained Copper
(000's) (oz/ton) Ounces (000's) Pounds (000's)
444,831 0.008 3,741 4,337,000
(at $650/oz gold and $2.25/lb copper)
Tons Grade Contained Gold Contained Copper
(000's) (oz/ton) Ounces (000's) Pounds (000's)
444,831 0.008 3,741 4,337,000
http://www.barrick.com/GlobalOperations/Pr...iq/default.aspx
