,
6 tweets,
2 min read
Read on Twitter
From what I’ve understood having read few reports on Reko Diq, Baluchistan govt. approached Barrick Gold (Canada) & Antofagasta (Chile) & their joint venture Tethyan Copper Company (TCC) to explore mineral wealth in Baluchistan. TCC pledged an investment > in.reuters.com/article/pakist…
... of $3.3 billion to develop the mines there (for a return of around 37%), but once they discovered vast deposits of copper & gold at Reko Diq (after having spent $220 million), China (which already operates nearby Saindak copper & gold mine), Saudis (pledging $2.2 billion), >
> military’s FWO (limited expertise & resources but need significant stakes) got very interested & TCC’s lease was suddenly refused by Baluchistan govt. Then Pakistan Supreme Court just scuppered the deal. TCC was willing to negotiate for mere millions but Pakistani army vetoed >
> it & soon regretted it & made a U-turn but too late. Now Pakistan has to pay TCC $6 billion. So wrong to just blame Iftikhar Choudhry & Supreme Court, it’s hard to imagine their decision was made w/o any external pressure. After having seen what Pakistan did to a company that >
> had pledged $3.3 billion, other companies have also held back from investing here. BTW, uncles in Karachi already believe that TCC was secretly robbing millions from the gold deposits at Reko Diq, so SC was left with no choice.
> Also military appointed the legal team led by someone already embroiled in financial scandals.
