Pakistan

PM Imran Khan congratulates nation on $10 billion Reko Diq deal

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Web Desk

4 years ago

ISLAMABAD: Barrick Gold Corporation and the governments of Pakistan and Balochistan have reached an agreement on a framework that provides for the reconstitution of the Reko Diq project in Balochistan province.

In this regard, Prime Minister (PM) Imran Khan on Sunday congratulated the nation and people of Balochistan on the settlement, which according to him is going to generate 8,000 jobs in the province and usher in $10 billion investment.

Taking to his Twitter, PM wrote, “I congratulate the nation & ppl of Balochistan on successful agreement with Barrick Gold for development of RekoDiq mine after 10 years of legal battles & negotiations. Penalty of approx $ 11 bn is off set, $10 bn will be invested in Balochistan creating 8000 new jobs.”

In another tweet, he added, “RD will potentially be the largest gold & copper mine in the world. It will liberate us from crippling debt & usher in a new era of development & prosperity.”

Further, a press release by the Barrick Gold Corporation said, “The project, which was suspended in 2011 due to a dispute over the legality of its licensing process, hosts one of the world’s largest undeveloped open pit copper-gold porphyry deposits.”

The reconstituted project will be held 50 per cent by Barrick and 50 per cent by Pakistan stakeholders, comprising a 10 per cent free-carried, non-contributing share held by the government of Balochistan, an additional 15 per cent held by a special purpose company owned by the government of Balochistan, and 25 per cent owned by other federal state-owned enterprises.

A separate agreement provides for Barrick’s partner Antofagasta PLC to be replaced in the project by the Pakistani parties.

Web Desk