ISLAMABAD: The government shared details of the Reko Diq gold and copper mining project in the National Assembly session on Thursday.
Petroleum Division Minister Ali Pervez Malik told the House that the first phase of the project will start in 2028. The target for the first phase is 300,000 ounces of gold and 200,000 tons of copper.
Production of the second phase of the project will start in 2034, in which 500,000 ounces of gold and 400,000 tons of copper will be extracted annually.
This is the country’s largest investment worth $75 billion, which could reach $100 billion depending on the provinces’ fluctuations.
The minister told the parliament that Balochistan will be given a 25 percent share in addition to taxes and royalties.
The Petroleum Division Minister said that Balochistan was given a share of $5 million in the first year and $7.5 million in the second year. The province will be paid $10 million annually until the third year of the project and commercial production.
He said that the maximum advance amount is 50 million US dollars.
Ali Pervez Malik said that 53 million US dollars have been spent so far on providing facilities under the Reko Diq project.
He told the House that 10 million US dollars have been given to Balochistan in advance for the construction phase of the project. “The construction work and implementation of the project will create 7,500 jobs.”
“Balochistan will get 50 million US dollars by 2028,” the minister added.
