Reko Diq project: Pakistan, Barrick Gold agree to pay share in Rupees

ISLAMABAD: Pakistan and Barrick Gold Corporation on Tuesday agreed to pay the share of the government of Pakistan in Rupees for the investment in Reko Diq project, ARY News reported.

The agreement came during a meeting between Prime Minister (PM) Shehbaz Sharif and a delegation of Barrick Gold Corporation, which called on him in Islamabad.

The Barrick Gold Corporation’s delegation was led by its Chief Executive Officer Mark Bristow. He briefed the Prime Minister about the progress on the ongoing development work at Reko Diq.

Speaking on the occasion, PM Shehbaz said participation of international companies including Barrick Gold in the “Pakistan Mineral Summit” is manifestation of the restoration of confidence of international investors in Pakistan.

He said the success of the Mineral Summit and the restoration of the confidence of international companies like Barrick Gold in Pakistan become possible by the launch of the Special Investment Facilitation Council.

The prime minister said the Reko Diq project will be a game changer for the development of Balochistan and the region and will usher in a new era of development of the province and prosperity of its people.

He also directed all the authorities concerned to fulfill their responsibility in implementation the project.

The premier was briefed that a Community Development Committee has been constituted Reko Diq to identify possible initiatives on priority basis for the development and prosperity of the people of Balochistan.

It was further briefed that local elders who are part of the committee identify the projects for the development of the local people themselves.

The Prime Minister was informed that employment opportunities are being provided to the talented local people of Balochistan in Reko Diq project and a significant amount from the investment will also be spent on the development of local area.

It is pertinent to mention here that 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.

The SC in its ruling said that international experts assisted the court and added that the Reko Diq deal is not in contradiction with the SC’s order in 2013. The agreement was done by the federal and Balochistan governments in line with the opinion of experts and there is nothing illegal in it.