Supreme Court directs Barrick Gold Corporation to inform about Reko Diq agreement

ISLAMABAD, Nov 22 (SABAH): Supreme Court of Pakistan on Tuesday ordered the Barrick Gold Corporation (BGC) to inform the court about the Reko Diq agreement instead of scaring.

A five-member bench headed by Chief Justice of Pakistan Umar Ata Bandial and comprising including Justice Ijazul Ahsan, Justice Munib Akthar, Justice Yahya Khan Afridi and Justice Sayyed Mazahar Ali Akbar Naqvi heard the case of Presidential reference of the Reko Diq project, during which CJP Bandial questioned, “If the Barrick Gold Corporation reviewing the country’s economic situation.

The BGC’s lawyer Makhdoom Ali Khan gave arguments that the provincial governments could interfere in the foreign trading projects, adding that, however, the governments could not reach an agreement at the state level.

The CJP said, “The federal government is also having a share in the project [Reko Diq]. Therefore, it is not a matter of – investment permission of the provincial government.

Makhdoom Ali Khan said, “The BGC needs the court’s direction to avoid any sort of complexity in terms of the law. The fear of Pakistan getting into default increases. In the Reko Diq project, an investment of more than $4billion is being made”.

The lawyer added, “The BGC does not do the business of taking the countries out of default. If the Reko Diq agreement is reached by December 15, an expected international court penalty of $9 billion will be waived. “For Balochistan, the project will first create the opportunity of 7,000 jobs and then – in the long term, 4,000 jobs will be provided.”

The SC had adjourned the hearing of the case till November 23 and directed centre, provincial governments to review respective clauses.