ISLAMABAD – Pakistan and Barrick Gold Corporation have reached an agreement to pay the share of the government of Pakistan in Pakistani rupees for the investment in Reko Diq project.
The consensus was made during a meeting between Prime Minister Shehbaz Sharif and a delegation of Barrick Gold Corporation in the federal capital.
Barrick Gold Corporation Chief Executive Officer Mark Bristow, who was leading the delegation, briefed the premier about the progress on the development at Reko Diq.
PM Shehbaz said participation of international companies including Barrick Gold in the “Pakistan Mineral Summit” showed that his country had managed to restore the trust of foreign investors in the country.
Calling the Reko Diq project a game changer for the development of Balochistan and the region, he said it would spark a new wave of prosperity for people.
Speaking on the occasion, the premier directed all the authorities concerned to clear all hurdles in the way of implementation of the project.
In December 2022, The Supreme Court of Pakistan declared an agreement signed between the Pakistan government and two international firms — Antofagasta PLC and Barrick Gold Corporation — in March for the revival of the long-stalled Reko Diq mining project in Balochistan as legal.
The apex court green-lighted the deal while announcing its unanimous verdict in the presidential reference seeking its opinion on the matter. The 13-page verdict, which was reserved a week ago, was announced by Chief Justice of Pakistan Umar Ata Bandial today.
The court said that the constitution does not allow legislation against national assets, adding that the provinces can make changes in the laws related to minerals.
“There is nothing illegal in the new agreement,” said the court. It added that the agreement was not against the 2013 verdict given by the top court.
The SC also shared that the agreement was not against the environment.
The court also noted that the experts had informed it that the agreement was inked between the federal and provincial governments. However, once the Balochistan Assembly was taken into confidence they backed the agreement.
The court stated that Barrick Gold Corporation has assured it that labour laws will be implemented and the company will also fulfil its social responsibility.
Reko Dik agreement
In March of this year, Imran Khan, who was the prime minister at the time, announced the successful agreement with the Canadian firm for the development of the Reko Diq mine in Balochistan, saying it will create 8,000 new jobs for the people.
“I congratulate the nation and people of Balochistan on successful agreement with Barrick Gold for development of Reko Diq mine,” he tweeted.
Supreme Court declares Reko Diq mine revival agreement legal
