September 30, 2020

Pakistani Companies Willing To Invest In Reko Diq Are Our First Priority: CM Baluchistan

The Chief Minister of Baluchistan Jam Kamal Khan, in a press conference at the Punjab Governor’s house on Monday, said that the Pakistani companies willing to work at the Reko Diq site would be their first priority. He added that the Pakistani companies should form a consortium to invest in the Reko Diq facility, as the provincial government and neither the federal government are able to invest such a big amount at the site on their own.

He said that, “Our first priority is to convince Pakistani Companies to invest in the project as the provincial nor the federal government have the resources to develop this resource, which could prove to be a game-changer for the province and the country.”

As per the decision of the International Center for Settlement of Investment Disputes (ICSID), Pakistan’s government is liable to pay a fine of a $6 billion, over the investment dispute with the Tethyan Copper Company (TCC) and would require another $3-$4 billion for the development of the facility.

He said that the government wants the people to invest in the site as the project has great potential. He said that it is near impossible at this stage to attract foreign investment in Pakistan due to the tough economic conditions. Reko Diq is believed to have the world’s fifth-largest gold and copper reserves and large-scale mining and processing unit is required to process the resources.

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