QUETTA, Dec 10: The Australian copper mining company Tethyan was investing $130 million in Riko-dik copper mining project in Chagai district of Balochistan.

This was stated by the chairman of the company, Mr David Human during a meeting with the Chief Minister Jam Mir Mohammad Yousuf on Wednesday.

The chairman said the company had already launched its work on the site and the project would start production in next 15 months. He said initially the copper reserves were estimated 78 million tons. “Balochistan would get 25 per cent royalty on net profit after start of the production,” Mr. David Human said.

He informed the chief minister that since October last the shares of the copper exploration projects were available in Sydney Stock Exchange while American, Australian and European investors were taking interest in it.

He said that it was the first project in any city of Pakistan where such huge foreign investment was made, which would promote further foreign investment in mineral sector in Pakistan and especially in Balochistan.

The Chairman of the Tethyan Copper Company, Mr David Human said that company would soon launch development projects in the social sector in the area and would provide maximum jobs to the local people of Riko-Dik. “Local Geologists had already been employed in the projects after giving them training in Australia,” he said.

He said that company was conducting survey for the last 10 years and a comprehensive report has been prepared, which has indicated huge copper reserves in the area.

The Balochistan Chief Minister, Jam Mir Mohammad Yousuf while speaking on the occasion, said that promotion of foreign investment was top priority of the government and for this purpose the government was providing all incentives and protection to the investors. He said that during recent months there was big increase in investment in the mineral sector as many local and foreign investors shown great interest in it.

He said that, for developing mineral and other resources of Balochistan, the government has launched various projects for the construction of roads throughout the province. He said that survey was in progress to link Gawadar with Central Asian States through rail and road. “With the construction of roads network the mineral, agriculture and Sea food of Balochistan could reach in international market,” Jam Yousuf said and added that it would also enhance Pakistan’s trade with other countries.