Islamabad: Three State-Owned Enterprises (SOE) have finalized definitive agreements concerning participation and acquisition of 8.33% interest in the reconstituted Reko Diq project, news sources reported.
According to the filing with the Pakistan Stock Exchange (PSX), three SOEs; Oil and Gas Development Company Limited (OGDC), Pakistan Petroleum Limited (PPL), and Government Holdings Private Limited, have teamed up to acquire the 8.33% stake in the project and any subsequent capital investments that may be required and/or feasible. In this context, the OGDCL has approved the issuance of notices convening an extraordinary general meeting to seek permission from the company’s shareholders. The agreement is the second significant milestone following the agreement inked in May last year between the government of Pakistan, Balochistan, and Barrick Gold.
According to the new deal between the multinational corporation and the federal and Balochistan governments, Barrick Gold will explore the mining site and take 50% of the processed, with the remaining 50% held by Pakistan, divided evenly between the federal and Balochistan governments.