ISLAMABAD: Prime Minister (PM) Imran Khan on Sunday announced the successful agreement with a Canadian company for the development of the Reko Diq mine in Balochistan, saying it will create 8,000 new jobs for the people.
Taking on Twitter, the prime minister congratulated the nation and people of Balochistan on the agreement between the government of Pakistan and Barrick Gold Corporation, a mining company.
“I congratulate the nation and people of Balochistan on successful agreement with Barrick Gold for development of Reko Diq mine,” wrote the premier.
According to the PM, the government came to an agreement after “10 years of legal battles and negotiations.”
He futher said: “Penalty of approximately $11 billion dollar is offset, $10 billion dollar will be invested in Balochistan creating 8,000 new jobs.”
Claiming Reko Diq as the largest gold and copper mine in the world, the PM said that the project will liberate the country from crippling debt, adding that it will “usher [the country] into new era of development and prosperity.”
In a separate statement, Barrick Gold Corporation confirmed that they have reached an agreement with the federal and Balochistan government on a “framework that provides for the reconstitution of the Rekp Diq mine project.”
According to the mining company, Barrick “will be the operator of the project which will be granted a mining lease, exploration license, surface rights and a mineral agreement stabilizing the fiscal regime applicable to the project for a specific period.”
“The process to finalize and approve definitive agreements, including the stabilization of the fiscal regime pursuant to the mineral agreement, will be fully transparent and involve the federal and provincial governments, as well as the Supreme Court of Pakistan. If the definitive agreements are executed and the conditions to closing are satisfied, the project will be reconstituted including the resolution of the damages originally awarded by the International Centre for the Settlement of Investment Disputes and disputed in the International Chamber of Commerce,” the statement said.
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