Islamabad: Pakistan Prime Minister Imran Khan on Sunday witnessed the signing ceremony between the Government of Pakistan, the Government of Balochistan and Barrick Gold Corporation of Canada after successfully resolving the longstanding dispute with Tethyan Copper Company (TCC) concerning the development of copper and gold mines in Chagai, popularly known as the Reko Diq dispute.
A new agreement was signed by representatives of the federal and Balochistan governments with a delegation of Barrick Gold, led by CEO Dr. Mark Bristow.
As per the terms of the new agreement, the Reko Diq project shall be revived and developed by Barrick Gold in partnership with Pakistani entities.
To develop the project, nearly $10 billion will be invested in Balochistan, including $1 billion that shall be invested in projects such as roads, schools, hospitals and the creation of a technical training institute for mining. The investment shall create over 8,000 new jobs.
The new project company will be owned 50 per cent by Barrick Gold. The remaining 50 per cent shareholding shall be owned by Pakistan, divided equally between the federal government and the provincial government of Balochistan.
The federal government’s 25 per cent shareholding shall be divided equally among three state-owned entities: Oil and Gas Development Corporation Limited (OGDCL), Pakistan Petroleum Limited (PPL) and Government Holdings Pakistan Limited (GHPL). Balochistan’s share shall be held by a company wholly owned and...
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