Reko Diq: Fed cabinet approves presidential reference to SC

ISLAMABAD: Federal cabinet has approved sending a presidential reference on Reko Diq case to the Supreme Court of Pakistan, ARY NEWS reported quoting sources.

According to sources, the federal cabinet discussed the matter at length and it was decided that the law ministry will file a reference in the Reko Diq case through the president.

The reference will seek the opinion of the apex court on the settlement agreement on Reko Diq.

In March 2022, the then finance minister Shaukat Tarin announced that an agreement for the development of Reko Diq mine has been reached with a foreign company Barrick Gold, according to which Balochistan will have a 25% share.

Shaukat Tarin and Hammad Azhar while giving details said Pakistan could have been slapped with a fine of $11 billion in case of failure to reach the new agreement.

Shaukat Tarin said that the Canadian mining company Barrick Gold will spend $10 billion under the agreement and will acquire fifty per cent shares, while Balochistan will get 25 per cent shares from the project, this share is a gift to the people of Balochistan, he added.

According to the finance minister, the delay in Reko Diq has caused economic loss to the country. The agreement will benefit Balochistan for the next 100 years, and will create 8,000 jobs.

Moreover, the sources said that the cabinet deferred a summary of a mechanism for power saving and production.

Political issues and audio leaks were also discussed during the cabinet meeting and sources shared that government officials were asked to leave the room during the discussions.