Islamabad October 5 2022: President Dr Arif Alvi on the advice of Prime Minister Muhammad Shehbaz Sharif has accorded his approval to a summary for filing of reference in the Supreme Court of Pakistan under Article 186 of the Constitution of Pakistan, 1973 in Reko Diq Project.
Earlier the Apex Committee, headed by minister for finance and Tethyan Copper Company Pakistan (Private) Limited shareholders had agreed to a framework for settlement and revival of the Reko Diq Project in March 2022. read more
The federal cabinet in a meeting held on 30th September had approved filing of a reference in the Supreme Court under Article 186 of the Constitution with respect to the following questions of law of public importance:-
“i. Whether the earlier judgment of the Supreme Court reported as Maulvi Abdul Haque Baloch v. Federation of Pakistan PLD 2013 SC 641, the Constitution of Pakistan, laws or public policy prevent the Government of Pakistan and the Government of Balochistan from entering into the Reko Diq Agreements or affect their validity?
ii. If enacted, would the proposed Foreign Investment (Protection and Promotion) Bill, 2022 be valid and constitutional?”
Reko Diq is one of the world’s largest undeveloped copper-gold deposits. An agreement in principle reached between the government of Pakistan, the provincial government of Balochistan and Barrick earlier this year provides for the reconstitution and restart of the project, which has been on hold since 2011. It will be operated by Barrick and owned 50% by Barrick, 25% by the Balochistan Provincial Government and 25% by Pakistani state-owned enterprises. read more
In developing the project, nearly USD 10 billion shall be invested in Balochistan, including USD 1 billion that shall be invested in social uplift projects such as roads, schools, hospitals and creation of technical training institute for mining. The investment shall create over 8000 new jobs. This project shall make Balochistan the largest recipient of foreign direct investment in Pakistan and the Reko Diq project shall be one of the largest copper and gold mining projects in the world.
