Govt establishes departments to speed up mining

ISLAMABAD: The federal government has established departments in all provinces to speed up mining of mineral reserves in Pakistan. 

The minerals sector is one of the priority sectors of Special Investment Facilitation Council (SIFC) and collaborations are being made with local and foreign investors for its promotion.

Mining in Chagai district has been accelerated since the out-of-court settlement with Barrack Gold. It is a $4 billion project in which Pakistan will contribute $2 billion.

A $1 billion mining fund has also been established jointly by Pakistan and Kuwait under the SIFC.

Earlier in 2022, Pakistan and Barrick Gold Corporation have signed $8 billion landmark agreement on Reko Diq project after Supreme Court (SC) termed the deal ‘legal’.

The $8 billion landmark agreement was signed by Reko Diq Gold Corporation representative and federal and Balochistan government representatives.

The Supreme Court (SC) of Pakistan on Dec 9 ruled that new deal on the Reko Diq gold and copper mining project in Balochistan is legal.

Reko Diq is one of the world’s largest undeveloped copper-gold mines. The project is being restarted after remaining on hold since 2011.

The top court announced the ruling on a reference sent by President Arif Alvi under Article 186 of the Constitution of Pakistan in the Reko Diq Project on the advice of Prime Minister Shehbaz Sharif.