Higher supplies to the UK lift Swiss October gold exports
Supplies from Switzerland to Britain in October reached the highest level since June 2021.
The Globe & Mail reports local authorities in the Pakistani province of Balochistan refused to meet Tethyan Copper, a joint venture between Chile’s Antofagasta and Barrick Gold, for talks before rejecting a bid for one of the world's richest deposits of gold and copper at a remote site in the dry hills near the Afghan-Pakistan border, known as Reko Diq.
Tethyan Copper said a “summary decision” by the restive province to reject a mining lease application for its Reko Diq project breached local rules and Pakistani law and has now filed a “notice of dispute.”
The Globe & Mail reports the exploration license for Reko Diq expired in February, 2011, and the consortium had been waiting anxiously for a mining license since submitting a feasibility study – reportedly prepared by SNC-Lavalin Group Inc., of Montreal, at a cost of $220 million.
Reuters reported back in March, the $3 billion Reko Diq project was estimated to yield 22 billion lb (10 billion kg) of copper and 13 million oz (368 million grams) of gold over a 50-60 year period.
Separatist rebels in Balochistan have been fighting a low-level insurgency for decades for control of the province’s resources, which they say are unfairly exploited by richer and more powerful provinces. MINING.com reported in July hundreds of tribesmen blocked transportation of coal from Chamalang in in the restive province. The blockade followed weeks of deadly skirmishes for control of the coal fields that hold recoverable reserves more than 500 million tonnes. Read more on the high-quality Chamalang coal mines which were first discoverd in 1885.
6 Comments
Safetyjim
Worked there and am not surprised… unfortunately the local communities end up suffering at the expense of others
Dalel Mcrae
It is a true statement the wealthiest often exploit the weakest and resources are lusted after , and the love of $ is the root of all evil and so men go forth and will kill each other and value the resources more than the value of men …
Bruce
This is just the beginning. Harper has sealed Canada’s fate in the Muslim world for being an American puppet
Jack
The Pakistani and the Provincial Governments there have now realized that too much of their resources have been taken out for just simply nothing …… Finally woke up and now the two companies have to play fair to remain there.
Jorgeharmstrong
The copper and gold are worthless without the knowledge of efficient and clean extraction and processing techniques that Barrick and Antofagasta provide. Lots of work has been invested in the exploration and delineation of the deposit. Typical greed displayed by the Pakistani and Provincial Governments ……. wanting to steal and exploit the work invested by the mining corporations. It’s typical government greed. The project will continue; however, the cost of purchasing political support just increased. The big losers are the locals …… an incredible economic opportunity – a chance to better provide for their families – just got delayed due to government greed.
Precioussaver
Corruptions now play the rule from the Pakistani Government, Provincial Government down to the Top Executives. The small one will eat the leftovers. The Place will be a disaster. The people live around the mines will be polluted and exploited. Abused are everywhere. Stealing and cover ups in and out of the Company. That is the game in Mining.