{"id":84738,"date":"2022-03-21T10:54:31","date_gmt":"2022-03-21T05:54:31","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=84738"},"modified":"2022-03-21T10:54:35","modified_gmt":"2022-03-21T05:54:35","slug":"reko-diq-pakistan-deal-canadian-firm","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/reko-diq-pakistan-deal-canadian-firm.html","title":{"rendered":"Reko Diq case resolved, Pakistan signs new agreement with Canadian firm"},"content":{"rendered":"\n<p>Islamabad: The government of Pakistan on Sunday (March 20) inked a new Reko Diq mineral exploration agreement with Barrick Gold Corporation \u2013 a Canadian corporation \u2013 and the Balochistan government, according to press reports. Under the terms of the arrangement, the Reko Diq project will be revived by Barrick Gold and Pakistani entities.\u00a0<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/reko-diq-project-balochistan-to-get-higher-share-in-profit.html\" data-type=\"post\" data-id=\"83288\" target=\"_blank\" rel=\"noreferrer noopener\">Reko Diq project: Balochistan to get higher share in profit<\/a><\/p>\n\n\n\n<p>The international firm would control 50% shares of the exploration, while the federal and Balochistan governments would own 25% each.\u00a0 Reportedly, Prime Minister (PM) Imran Khan was present to witness the signing ceremony. He congratulated the Baloch people on their historic achievement. He stated that the mining company would invest USD 10 billion in Balochistan, creating as many as 8,000 jobs for locals. Furthermore, he said that Reko Diq is the world&#8217;s largest gold and copper mine, attracting USD 10 billion in Foreign Direct Investment (FDI).\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"twitter_widget_wrapper alia_embed_wrapper\"><div class=\"twitter_widget_border\"><!--ALIA start embed content--><blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">I congratulate the nation &amp; ppl of Balochistan on successful agreement with Barrick Gold for development of RekoDiq mine after 10 years of legal battles &amp; negotiations. Penalty of approx $ 11 bn is off set, $10 bn will be invested in Balochistan creating 8000 new jobs.<\/p>&mdash; Imran Khan (@ImranKhanPTI) <a href=\"https:\/\/twitter.com\/ImranKhanPTI\/status\/1505490683204939782?ref_src=twsrc%5Etfw\">March 20, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><!--AliA end embed content--><\/div><\/div>\n<\/div><\/figure>\n\n\n\n<p>According to the exploration deal, the federal government&#8217;s stake would be divided among three State-owned Enterprises (SOEs), namely <a href=\"https:\/\/www.zameen.com\/news\/ogdcl-announces-new-gas-condensate-discovery.html\" data-type=\"post\" data-id=\"73948\" target=\"_blank\" rel=\"noreferrer noopener\">Oil &amp; Gas Development Corporation Limited (OGDCL)<\/a>, Pakistan Petroleum Limited (PPL), and Government Holdings Pakistan Limited (GHPL). Balochistan&#8217;s share will be held by a firm wholly owned and managed by the provincial government.\u00a0 <\/p>\n\n\n\n<p> <strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/balochistan-online-tender-portal.html\" data-type=\"post\" data-id=\"84238\">Balochistan govt launches first e-tender portal<\/a><\/p>\n\n\n\n<p>It is worth noting that the Reko Diq deal with Tethyan Copper Company (TCC) was overturned by the Supreme Court (SC) ten years ago and was later challenged in the International Court of Arbitration. As a result, Pakistan was eventually fined USD 11 billion by the court for breach of the agreement. However, the newest deal has offset the penalty, and the contract has been renewed under revised conditions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The government of Pakistan on Sunday (March 20) inked a new Reko Diq mineral exploration agreement with Barrick Gold Corporation \u2013 a Canadian corporation \u2013 and the Balochistan government, according to press reports. Under the terms of the arrangement, the Reko Diq project will be revived by Barrick Gold and Pakistani entities.\u00a0 Read: Reko Diq project: Balochistan to get higher share in profit The international firm would control 50% shares of the exploration, while the federal and Balochistan governments would own 25% each.\u00a0 Reportedly, Prime Minister (PM) Imran Khan was present to witness the signing ceremony. He congratulated the Baloch people on their historic achievement. He stated that the mining company would invest USD 10 billion in Balochistan, creating as many as 8,000 jobs for locals. Furthermore, he said that Reko Diq is the world&#8217;s largest gold and copper mine, attracting USD 10 billion in Foreign Direct Investment (FDI).\u00a0 According to the exploration deal, the federal government&#8217;s stake would be divided among three State-owned Enterprises (SOEs), namely Oil &amp; Gas Development Corporation Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Government Holdings Pakistan Limited (GHPL). Balochistan&#8217;s share will be held by a firm wholly owned and managed by the provincial&hellip;<\/p>\n","protected":false},"author":84,"featured_media":67076,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[51632],"persona":[],"class_list":{"0":"post-84738","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-reko-diq-case-pakistan-signs-deal-with-canadian-firm","9":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Reko Diq case: Pakistan signs deal with Canadian firm- Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The government of Pakistan on Sunday (March 20) inked a new Reko Diq mineral exploration agreement with Barrick Gold Corporation \u2013 a Canadian\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/reko-diq-pakistan-deal-canadian-firm.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reko Diq case: Pakistan signs deal with Canadian firm- Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The government of Pakistan on Sunday (March 20) inked a new Reko Diq mineral exploration agreement with Barrick Gold Corporation \u2013 a Canadian\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/reko-diq-pakistan-deal-canadian-firm.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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