The Supreme Court declared on Friday the new deal for the development of Reko Diq mine in Balochistan legal. The deal has been struck with Canadian company Barrick Gold Corporation.
The US$9 billion deal is the biggest-ever investment in Pakistan’s history. The country is going to get 50% profit of the total project by investing accordingly. Out of Pakistan’s 50% share, there are further classifications.
The apex court declared the agreement legal in a unanimous verdict in the presidential reference seeking its opinion under article 186 of constitution of Pakistan on the Reko Diq deal. The 13-page verdict was announced by Chief Justice of Pakistan (CJP) Umar Ata Bandial today (Friday).
State-owned enterprises are investing in the project. Balochistan will receive half of the profit of Pakistan’s share.
The president had asked two legal questions in the reference sent on October 15, 2022 to SC — (1) whether the Balochistan government or Pakistan government can enter into international agreement as per Supreme Court’s judgment, in Molvi Abdul Haq vs Federation of Pakistan 2013 Case, and (2) if the proposed Foreign Investment (Protection and Promotion) Act 2022 would accord to the constitution.
Do not miss an important news update ever. Subscribe and hit the bell icon to subscribe to Geo News alerts [ Ссылка ]
Watch Geo News LiveStream: [ Ссылка ]
For More Videos Subscribe - [ Ссылка ]
Visit our Website for More Latest Update - [ Ссылка ]
#rekodiq
#BreakingNews
#GeoNews
