ISLAMABAD - Geological Survey of Pakistan (GSP) Director General, Dr. Imran Khan, on Thursday revealed that Pakistan has huge quantities of gold, copper and iron ores worth billion of US dollars.In his briefing to National Assembly Standing Committee on Petroleum and Natural Resources, Khan said that Reko Diq has more than five billion tonnes of copper and gold reserves. He said the value of contained metals is at least one trillion US dollars.He said in SAINDAK there are 400 million tonnes of copper and gold reserves. He said, a Chinese company presently working on the project, was getting 15,000 tonnes of copper, 1.5 tonnes of gold and 2.8 tonnes of silver per year. He said his department discovered Thar coal deposit, which has 175.5 billion tonnes reserves.He also said that his company also discovered international standard Ruby Sapphire spinal, Emerald and other precious stones in the country. He specially discussed quality of emerald, found in Swat and Ruby of Hunza. As Khan ended his presentation all members applauded on a detailed and informative presentation and Praised Geological Survey of Pakistan for rendering high quality services for the country in limited budget.The committee recommended Ministry of Petroleum Secretary to allocate more funds for the affiliated department of Ministry of Petroleum. The committee also agreed that the GSP should also be allowed for the exploration. The DG at this point requested for a small budget allocation in coming budget to buy four new rigs. “We are doing this all work with four obsolete rigs which were bought decades ago, it is very difficult to even operate them”, he informed the committee.The committee directed Ministry of Petroleum & Natural Resources to approach Planning Commission & Ministry of Finance for the release of Rs 667 million (PSDP) in favour of GSP. Petroleum Secretary Abid Saeed assured the committee to apply for the funds for geological survey in coming budget.Pakistan Mineral Development Corporation also apprised the committee about their job and achievements. MD Naeem Malik said that they have earned a net profit of 211 million rupees. The committee reprimanded Malik for not initiating projects in local communities from where they were earning huge profits.Member Akram Durrani surprised the audience by saying that in Karak and adjacent areas, residents were receiving oil instead of gas.He said due to this oil supply many accidents have taken place and residents were storing oil worth million of rupees.Both bosses of PMDC and GSP were rep remanded for not initiating oil and gas exploration projects in KPK. The members were informed that due to law and order situation no projects were carried out in KPK.Akram Durrani and Sheheryar Afridi argued that if international oil companies were working in KPK, why not government organisations.Committee Chairman Bilal Ahmed Virk, directed the Ministry to take stringent measures to stop pilferage/theft of oil & gas in the areas of districts Kohat and Karak.This news was published in The Nation newspaper. Read complete newspaper of 16-May-2014 here.