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Friday December 09, 2022

Reko Diq Agreement With Foreign Company Declared Legal By SC

ISLAMABAD: The Supreme Court of Pakistan has declared the agreement brokered with the Canadian company Barrick Gold Corporation for the development of the Reko Diq mine in Balochistan “legal”.

The 13-page verdict, which was reserved a week ago, was announced by Chief Justice of Pakistan Umar Ata Bandial today.

The SC green-lighted the deal while announcing its unanimous verdict in the presidential reference seeking its opinion on the matter.

The court said that the constitution does not allow legislation against national assets, adding that the provinces can make changes in the laws related to minerals.

“There is nothing illegal in the new agreement,” said the top court. It added that the agreement was not against the 2013 verdict given by the top court.

The SC also shared that the agreement was not against the environment.

The court also noted that the experts had informed it that the agreement was inked between the federal and provincial governments. However, once the Balochistan Assembly was taken into confidence they backed the agreement.

“As per the Riko Diq agreement, most workers will be Pakistanis. This is not for a single person but for Pakistan. There is nothing illegal in this agreement,” said the court.

The court stated that Barrick Gold Corporation has assured it that labour laws will be implemented and the company will also fulfil its social responsibility.

“The foreign investment bill is not exclusively for Barrick Gold. The foreign investment bill is for companies that will invest more than $500 million dollars,” said the court.

Imran Khan as a Prime Minister in March of this year announced the successful agreement with the Canadian firm for the development of the Reko Diq mine in Balochistan, saying it will create 8,000 new jobs for the people.

In a separate statement, Barrick Gold Corporation confirmed that they have reached an agreement with the federal and Balochistan governments on a “framework that provides for the reconstitution of the Reko Diq project”.

The post Reko Diq Agreement With Foreign Company Declared Legal By SC appeared first on Abb Takk News.

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