ISLAMABAD, April 18: An Australian mineral exploration company — Tethyan Copper Company Ltd (TCC) — plans to invest $1 billion in Balochistan during 5 to 10 years period to develop copper mines and export the finished products.

“We have just spent $10 million on a feasibility study to initially invest $130 million in the project and our investment will ultimately reach $1 billion,” said David Moore, managing director of the company, here on Friday.

Speaking at a news conference along with general manager of the company, John P. Schlodere, Mr Moore also announced that his company will be listed on the Australian Stock Exchange in order to bring foreign direct investment (FDI) in Pakistan.

The purpose of this investment, he pointed out, was exploration and development of cooper and gold resources at the mining projects known as Reko Diq, located in Balochistan. This project, Mr Moore says, hosts numerous known cooper-gold deposits and has the potential to become one of the world’s greatest mining centres.

Although construction of a mining enterprise on this scale is some years away, success at Reko Diq could catalyze the creation of a major mining industry in Pakistan, he added.

He said that a successful listing by the TCC on the Australian Stock Exchange would create the first Pakistan focussed mineral resource company listed on a senior western market, providing an on-going avenue to promote Pakistan to the world as well as a mechanism to mobilize international capital for FDI in Pakistan.

Responding to a question, Mr Moore said the company had been actively involved in exploration work at Reko Diq for the last three years. The company’s drilling activities have led to the discovery of a significant copper deposits known as the H4 Project, on which the company has completed a detailed scope study. Additional work has identified the potential at Reko Diq for a major world class cooper-gold mine in the area known as the Western Prophyries. Recent field work completed by the company during March and April 2003 has identified new target that could represent additional copper deposits.

He told a reporter that 200 to 500 million tons of copper deposits could be developed annually in Pakistan.