AVN 65.31 Decreased By ▼ -0.86 (-1.3%)
BAFL 30.25 No Change ▼ 0.00 (0%)
BOP 4.63 Decreased By ▼ -0.10 (-2.11%)
CNERGY 3.89 Decreased By ▼ -0.12 (-2.99%)
DFML 13.50 Decreased By ▼ -0.60 (-4.26%)
DGKC 42.15 Decreased By ▼ -1.54 (-3.52%)
EPCL 46.13 Increased By ▲ 1.48 (3.31%)
FCCL 11.45 Decreased By ▼ -0.38 (-3.21%)
FFL 5.19 Increased By ▲ 0.22 (4.43%)
FLYNG 5.82 Decreased By ▼ -0.28 (-4.59%)
GGL 10.04 Decreased By ▼ -0.34 (-3.28%)
HUBC 63.21 Increased By ▲ 0.91 (1.46%)
HUMNL 5.73 Decreased By ▼ -0.12 (-2.05%)
KAPCO 27.81 Increased By ▲ 0.26 (0.94%)
KEL 2.15 Decreased By ▼ -0.06 (-2.71%)
LOTCHEM 25.37 Decreased By ▼ -1.23 (-4.62%)
MLCF 21.65 Decreased By ▼ -0.87 (-3.86%)
NETSOL 84.95 Decreased By ▼ -1.25 (-1.45%)
OGDC 86.64 Increased By ▲ 0.37 (0.43%)
PAEL 10.96 Decreased By ▼ -0.31 (-2.75%)
PIBTL 4.21 Decreased By ▼ -0.07 (-1.64%)
PPL 78.65 Decreased By ▼ -1.43 (-1.79%)
PRL 13.61 Decreased By ▼ -0.05 (-0.37%)
SILK 0.88 Decreased By ▼ -0.02 (-2.22%)
SNGP 41.00 Decreased By ▼ -0.75 (-1.8%)
TELE 6.01 Decreased By ▼ -0.20 (-3.22%)
TPLP 16.02 Decreased By ▼ -0.25 (-1.54%)
TRG 111.89 Decreased By ▼ -0.66 (-0.59%)
UNITY 14.01 Decreased By ▼ -0.34 (-2.37%)
WTL 1.14 Decreased By ▼ -0.06 (-5%)
BR100 4,026 Decreased By -48.6 (-1.19%)
BR30 14,402 Decreased By -123 (-0.85%)
KSE100 40,451 Decreased By -396 (-0.97%)
KSE30 15,110 Decreased By -101.7 (-0.67%)
Pakistan

Supreme Court declares new Reko Diq mine deal legal

  • Prior to announcing verdict, SC had sought help of foreign experts
Published December 9, 2022
Follow us

The Supreme Court of Pakistan on Friday declared the new Reko Diq mine deal legal and urged all provinces to amend their laws in accordance with the agreement.

An agreement in principle was reached between the government of Pakistan, the provincial government of Balochistan and Barrick Gold Corporation earlier this year for the reconstitution and restart of the project, which has been on hold since 2011.

The court also observed that the Balochistan Assembly was taken into confidence regarding the agreement. The order stated that the law did not allow agreements on national resources in violation of the Constitution

Barrick Gold Corporation assured that laws for wages would be abided by and most of the labour force would be recruited from Pakistan, the order said.

The court was further told that the project would be used for investing in social initiatives and skill development schemes would also be launched under it, the order added.

In October, President Dr Arif Alvi had filed a reference in the Supreme Court of Pakistan to seek an opinion on the Reko Diq case on the advice of the prime minister.

SC had reserved the verdict on the reference last week, and announced it today.

Reko Diq deal: SC inquires about any mining policy, legal framework formulated

It said the deal was legal, and environment-friendly as well. Prior to announcing the verdict, SC had sought the help of foreign experts on the subject.

At a press conference in Islamabad in July, Barrick President Mark Bristow had said that the first phase of Reko Diq copper-gold project will be completed by 2027-28, and the scheme will convert it into a "world-class mine and transform Balochistan".

President Alvi files reference in Supreme Court on Reko Diq

It will be operated by Canada's Barrick, which will have 50% ownership. 25% will be owned by the Balochistan government and 25% by Pakistani state-owned enterprises.

“We will bring capital and technology to this project,” Bristow had said at the time.

Barrick Gold to convert Reko Diq into 'world class mine’

Both sides are committed to show the world how partnerships on huge projects can deliver excellent results, he said.

Investment for the first phase of the project is estimated at $4 billion and the firm is looking for a consortium of investors to pour in $2 billion out of this value, he said.

“We have reached out to International Finance Corporation, co-investors and export and import agencies around the world,” Bristow said. “This is one of the largest fixed foreign investment project that Pakistan has ever had and it is the largest in Balochistan.”

Reko Diq project: President accords approval to summary on reference

The Apex Committee, headed by Minister for Finance and Tethyan Copper Company Pakistan (Private) Limited shareholders, had agreed to a framework for the settlement and revival of the Reko Diq Project in March 2022.

Comments

Comments are closed.

Pakistani1 Dec 09, 2022 02:35pm
Good news
thumb_up Recommended (0)
Saeed Dec 09, 2022 04:53pm
Great news
thumb_up Recommended (0)
M. ALTAF AZIZ Dec 09, 2022 05:10pm
Cant'you take the name of Government who reached this agreement?
thumb_up Recommended (0)
Adil Dec 09, 2022 09:44pm
Pakistan
thumb_up Recommended (0)
Azhar Dec 10, 2022 03:39am
Good Efforts by all
thumb_up Recommended (0)

Supreme Court declares new Reko Diq mine deal legal

Even an hour's delay in election is punishable under Article 6 of constitution: Qureshi

Ishaq Dar announces 35-rupee hike in prices of petrol and diesel

At least 41 killed as passenger coach falls into ravine in Lasbela

6.3 magnitude earthquake jolts Islamabad, surrounding areas

Ten children killed in northwest Pakistan boat capsize

Blinken arrives in Egypt as Middle East violence erupts

Former UN chief calls for climate action over ‘visions’ at COP28

Djokovic wins Australian Open to equal Nadal’s 22 Slam titles

China’s 2022 smartphone shipments the lowest in 10 years

Pakistan expresses interest in possibility of currency swap with Russia