Minerals Ores in Balochistan
Mineral Resources of Balochistan
Facts about Balochistan Minerals
Chagi, a mineral rich area, possesses nearly 60 million tonnes of iron ore. Geological Survey of Pakistan, in a report states that there are 1 to 7 meters (averaging about 2 meters) thick hematilic sedimentary ironstone bed of Jurassic age (150 million years old) at the contact of Chiltan Limestone, and Sember formation of Cretaceous age (150-65 million years old) near Johan in Dilband area of Mastung district. The reserves have been tentatively estimated at over 200 million tones.
· Reko Diq is a small town in Chagai Districk, Balochistan. World`s largest Gold and copper reserves are found in Reko Diq
· Tethyan Copper of Australia has taken the contract to develop this mine. Barrick Gold Corporation of Canada and Antofagasta of Chile have a joint-ownership of the copper-gold deposit at Reko Diq
· The Reko Diq deposit is being explored by Tethyan Copper Company Pty Ltd (75%) and the (BDA) Balochistan Development Authority (25%). Tethyan Copper Company is held jointly (50:50) by Barrick Gold corporation and Antofagasta Minerals.
· Currently the deposit is at scoping / pre feasibility stage. it is a world class copper / gold porphyry style deposit, typical of the tethyan belt.
· It has been solf to the Zionist controlled regimes by the Pakistani Government at a price of $21 billion. Rough estimates suggest that the gold and copper at the surface accounts for $65 billion worth of deposits
Chinese Firm Invests $120 Million in Pakistan Copper Gold Mine.Jiangxi Copper Co., China`s largest producer of the metal, is spending $120 million on a copper and gold mine in Pakistan to secure more supplies of the metals, the company made an initial investment for the first-phase of development of the Saindak copper mine, the company will secure 20,000 metric tons of copper and 2 tons of gold this year
Investments in Mining Sector
World`s 5th largest gold, copper reserves found in Pakistanthe world`s fifth largest reserves of gold and copper were discovered in Chaghi area in Pakistan`s southwest Balochistan province, local newspaper The News reported.Director General of Provincial Department of Mineralogy Maqbool Ahmed said that two multinationals, Canadian and Chilean-firms, which were issued licenses 10 years earlier for exploration of gold in the Bekodik area, have completed the exploration work and have chalked out a project for the extraction of gold and copper.in the preliminary stage, the two companies will invest a billion U.S dollars in the project, Ahmed said.According to sources, 200,000 tons of copper and 400,000 ounces of gold will be produced annually through the said project.The Balochistan Government will get a share of 25 percent. With the start of the project, employment will be provided to 3,000 youth of the province.There are gold reserve in Zhob, Chagai and Lasbela districts of the province and nine multinationals have been issued licenses for their exploration.
Record iron ore price increases expected after Vale's Asia deal
Analysts were expecting BHP Billition and Rio Tinto to secure record increases for iron ore prices this year after Vale, the world`s leading supplier, secured hikes of 65% and 71% from leading Asian steel makers.The annual price-setting talks between the world`s leading iron ore producers and their biggest Asian customers have been dragging on for months as the miners lobby hard for a major increases to contract prices after a year in which spot prices for the commodity have soared, in some cases by more that 100%Nippon Steel of Japan said yesterday that it agreed to a 65% increase to the price it pays for ore from Vale`s Itabira mines in Brazil and a 71% jump for higher grade ore from its Carajas complex JFE, Kobe Steel and Posco of South Korea also signed up to the terms.BHP agrees up to 97% iron-ore price increase with China’s Baosteel
Resources giant BHP Billiton on Friday said that it had agreed with China number-one steel producer Baosteel on iron-ore prices for 2008, which was an increase of up to 97% on the previous year`s price. Yandi and Newman fine ores increased to $1,44/t and Newman lump ore went up to $2,01/t, the company said in an emailed statement. This represented a 79,9% increase for fines and a 96,5% increase for lump ores.The price hikes were effective from April 1, and showed a slightly bigger increase than rival Rio Tinto`s 96,5% price rise agreed on June 23. The world`s biggest iron-ore producer, Brazil`s Vale, agreed price increases from 65% to 71% with Asian customers in the first quarter of the year. However, Rio Tinto and BHP Billiton said they were holding out for bigger increases, to reflect the lower costs of shipping ore from their Australian mines to Asia, than from Vale`s operations in Brazil."We will now seek to settle agreements with the remainder of our customers under existing long-term supply agreements both in China and other countries," BHP Billiton marketing president Tom Schutte said. Rio Tinto secured an overall 85% increase in the price for its iron-ore from Baosteel.BHP Billiton is bidding to merge with Rio Tinto, but the smaller company has rejected the proposal, saying it undervalues its growth prospects.