In an appeal to the Supreme Court, President Dr. Arif Alvi is asking for the high court’s judgment on the settlement deal involving Reko Diq.
On the recommendation of Prime Minister Shehbaz Sharif, President Alvi filed the reference in the highest court in accordance with Article 186 of the Constitution as one of the largest undeveloped copper-gold deposits in the world was moving forward with the completion of the final agreements and legal steps.
The outcome came about months after the Tethyan Copper Company (TCC) shareholders and the committee headed by the finance minister approved a framework for the resolution and revival of the Reko Diq project.
Last month, Sharif oversaw the federal cabinet and decided to send the Supreme Court a presidential reference on the Reko Diq issue in order to get their thoughts on earlier judgments in the case and the legal requirements for foreign investment.
The Balochistan administration said earlier this year that construction on the profitable open-pit mine project Reko Diq will begin soon and would improve the economic and social conditions of locals in the mineral-rich area.
According to reports, the initiative sought to bring in $1 billion in revenue for the province per year.
The federal and provincial governments will each receive 50% of the remaining portion, which is held by a mining company with Canadian origins.
In a previous out-of-court agreement, Pakistan and a foreign company agreed to waive $11 billion in fines and restart a mining project that had been put on hold for more than ten years.
After the local administration declined to extend the lease for Tethyan Copper, the nation’s highest court invalidated it in 2013, the process came to a halt. Pakistan was fined in 2019 for illegally blocking mining.
