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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World CORRECTED - CORRECTED-Executive hopeful on troubled Pakistan copper venture Reuters - Wednesday, March 10 Send IM Story Print * $3 billion venture includes Barrick and Antofagasta * Located in insurgency hit Baluchistan province By Kamran Haider ISLAMABAD, March 9 - The operator of a $3 billion joint venture copper and gold project in Pakistan is hopeful the project will go ahead despite a government threat to scrap it because of misgivings about the share of benefits. The project is owned by Canada's Barrick Gold <ABX.TO> and Chilean copper miner Antofagasta <ANTO.L>. The two firms are partners in the Tethyan Copper Co. which has a 75 percent interest in the Reko Diq project in the southwestern province of Baluchistan and hold the exploration license for the site. The provincial government holds the remaining 25 percent. Tethyan is finishing up a feasibility study into the site, which could yield 22 billion lb of copper and 13 million oz of gold over the 50-60 year project, and aims to apply for a mining license within weeks. But late last year, the provincial government said it wanted to cancel the project, ostensibly to get control of resources in Pakistan's poorest province where anger over exploitation of gas and minerals is fueling a separatist insurgency. Peter Jezek, chief executive officer of Tethyan Copper Co., said the authorities were worried about getting a fair deal and also wanted to undertake smelting and refining to ensure the maximisation of benefits. But Jezek said anxiety about Pakistan's first world-class mining operation was largely the result of misunderstandings. "There is a combination of a lack of information and fear of the unknown," Jezek told Reuters in an interview in his Islamabad office. "The problem to a very large extent is not having the basics of understanding in place." "The fear on their side, obviously, is 'are we getting a fair deal?'," he said. The authorities' proposal to set up a smelting and refining operation was based on a doubtful perception of benefits. "Mining and concentrating actually captures over 90 percent of the copper chain value, smelting less than 10 percent ... We have pointed out that the economics of smelting and refining are very poor," Jezek said. CHANGING POLITICAL ENVIRONMENT The cancellation of the project would further damage Pakistan's image as a destination for foreign investment. Net foreign investment in Pakistan fell 34.4 percent to $1.47 billion in the first seven months of the 2009/10 fiscal year compared with $2.23 billion in the same period last year. Separatist rebels in Baluchistan 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. The government has recently introduced reforms aimed at giving the province more autonomy. While Jezek said security had not been an issue at the remote Reko Diq site, in a wedge of territory bordered by Afghanistan and Iran, the politics matter. "We certainly are stuck right in the middle of the changing political environment where Baluchistan is getting a greater degree of autonomy," he said. "It's tough. It's really difficult because the environment is so politicised, there's so much uncertainty." The uncertainty could also damage prospects for financing the project's $3 billion first phase. "The bankers are telling us it's going to be doable but it's going to be tough," he said, adding that despite the uncertainty, Barrick and Antofagasta remained commited. "The basic belief is eventually the government is going to realise that what is being proposed makes sense," he said. "I think over time there is a greater realisation that there is a solution through working these issues with us rather than saying 'throw this baby out and let's start from scratch' which would be really catastrophic for the people of Baluchistan." Baluchistan should use their foreign partners as tools to transfer technology and jump start the mineral industry, he said. "If we destroy the economic viability of the project nobody is going to benefit. The investment is not going to materialise and this national treasure if going to stay as fine crystals way underground," he said. (For full coverage of Pakistan and Afghanistan, click on [ID:nAFPAK] (For more Reuters coverage of Afghanistan and Pakistan, see:http://www.reuters.com/news/globalcoverage/afghanistanpakist an) ((E-mail: kamran.haider@thomsonreuters.com; Reuters Messaging: kamran.haider.reuters.com@reuters.net; Islamabad newsroom: +92 51 281 0017)) (If you have a query or comment about this story, send an e-mail to news.feedback.asia@thomsonreuters.com) Recommend Send IM Story Print Related Articles Kroger profit beats views; outlook weighs on stock Reuters - 48 minutes ago Sen Corker says sides nearing on consumer watchdog Reuters - 48 minutes ago Consumer confidence lowest since March 2009: IBD Reuters - 54 minutes ago Russia cbank bought $6.7 bln, 0.3 bln euros Feb Reuters - 55 minutes ago Audi saves Volkswagen's year, sees 2010 improvement Reuters - 1 hour 5 minutes ago News Search Top Stories Europe anger over US air force tender rules US pledges 'unvarnished' commitment to Israel security Military plane problems drag EADS into the red IBM makes biodegradable plastic from plants N.Zealand sailor Coutts may leave America's Cup More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended World's biggest oil trader ends supplies to Iran: company Chile quake moved entire city 3 meters to west: study HIV among newborns could be 'eradicated by 2015' N.Korea says ready for dialogue and war with US France urges world to turn to nuclear power More Most Viewed » Chile quake moved Earth's axis, shortened days: scientist Experts confirm asteroid wiped out the dinosaurs Florida killer whale to stay in park after deadly attack DNA reveals some mystery on King Tut, raises questions Common weed-killer chemically castrates frogs: study More Most Recommended » Elsewhere on Yahoo! 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