ISLAMABAD: Prime Minister Imran Khan on Sunday announced successful agreement for development of Reko Diq mine after 10 years of legal battles, saying it would bring US$10 billion investment and 8000 jobs in Balochistan
The prime minister took to Twitter to make the announcement saying that he congratulates the nation and people of Balochistan on successful agreement with Barrick Gold for development of Reko Diq mine after 10 years of legal battles and negotiations.
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) and the governments of Pakistan and Balochistan have reached agreement on a framework that provides for the reconstitution of the Reko Diq project in the country’s Balochistan province. The project, which was suspended in 2011 due to a dispute over the legality of its licensing process, hosts one of the world’s largest undeveloped open pit copper-gold porphyry deposits.
Official Press Release of Barrick Gold Corporation
He shared that a penalty of approximately US$ 11 billion is off set while US$10 billion will be invested in Balochistan creating 8,000 new jobs.
The prime minister said that the Reko Diq will potentially be the largest gold and copper mine in the world and will liberate us from crippling debt and usher in a new era of development and prosperity.
Speaking to media to share details of the agreement, Finance Minister Shaukat Tarin while flanked by Energy Minister Hammad Azhar and CM Balochistan Abdul Quddus Bizenjo said that under the agreement, Pakistan will get a 50 percent share of which 25 percent will be given to Balochistan province.
“A delay in the agreement had caused losses to the national exchequer and now it will benefit the country especially Balochistan for next 100 years,” he said.
Speaking on the occasion, Hammad Azhar said that the Reko Diq agreement once again showed how Prime Minister Imran Khan solved the mess created by the previous governments.
