Pakistan & Barrik Gold reached an agreement on Pakistan’s Reko Diq gold mine, for the extraction of gold and copper reserves with an investment of US$10 billion.
This agreement has come after the long standing dispute with the company has come to an amicable end. The new agreement was signed by representatives of the federal and Balochistan governments with a delegation of Barrick Gold, led by Chief Executive Dr. Mark Bristow. As per the terms of the new agreement, the Reko Diq project would be revived and developed by Barrick Gold in partnership with Pakistani entities. The new project will be owned 50% by Barrick Gold and the remaining 50% owned by Pakistan (divided equally between federal government and the provincial government of Balochistan). Pakistan’s Federal Government’s holding will be made up by Oil & Gas Development Corporation Limited, Pakistan Petroleum Limited and Government Holdings Pakistan Limited, while Balochistan’s share will be held by a company wholly owned and controlled by the provincial government of Balochistan.
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