Reko Diq Project first phase to begin in year 2028, NA informed

ISLAMABAD: Government shared details with regard to Reko Diq gold and copper mining project in the National Assembly session on Thursday.

Petroleum Division minister Ali Pervez Malik informed the house that the first phase of the project will begin in year 2028. ” A target of three lac ounce gold and two lac tons of copper has been fixed for the first phase”.

The production of the second phase of the project will begin in 2034 in which five lac ounce gold and four lac tons of copper will be extracted yearly,” minister said.

It is the largest investment of the country valuing 75 billion dollars, this investment could reach to US$ 100 billion with fluctuation of provinces”.

Minister told the parliament that Baluchistan will be given 25 percent share apart of the taxes and royalty.

Petroleum division minister said that in the first year Baluchistan was given five million and in second year 7.5 million share. “In third year of the project and until commercial production the province will be paid US$ 10 million per annum”.

He said the maximum advance amount has been US$ 50 mln.

Ali Pervez Malik said till now 53 million dollars have been spent over providing facilities under the Reko Diq project.

He told the house that Baluchistan has been given US$ 10 million in advance for the construction phase of the project. “Construction work and implementation of the project will create 7500 jobs”.

“Baluchistan will get US$ 50 million till year 2028,” minister added.