Federal, Balochistan governments and two international firms sign deal on Reko Diq

Federal, Balochistan governments and two international firms sign deal on Reko Diq

The federal and Balochistan governments and two international firms — Antofagasta PLC and Barrick Gold Corporation — have reached an agreement in principle on a framework to reconstitute the Reko Diq project, and a pathway for Antofagasta to exit the project. Through the agreement, government has claimed to have saved the country from $11 billion penalty in Reko Diq case.

READ ALSO: REKO DIQ CASE: INTERNATIONAL COURT UNFREEZES PIA ASSETS

Some $10bn would be invested under the Reko Diq project which would create 8,000 new jobs for the locals. As per the new agreement, Barrick Gold Corporation would get 50 per cent and the Balochistan government 25pc share, while the rest 25pc would be shared among the state-owned enterprises — Oil and Gas Development Company (OGDCL), Pakistan Petroleum Limited (PPL) and Government Holdings Pakistan (GHPL).

Source: Dawn

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