Barrick gold corporation, Mining company

Hidayat Ur Rahman, the Provincial General Secretary of Jamaat-e-Islami (JI), Balochistan, slammed the Imran Khan government for exploiting the resources in the name of Reko Diq accord, adding that it is not beneficial to Balochistan or its people as well as responsible for the prevailing Nepotism and corruption in the province.Notably, Barrick Gold Corporation and the governments of Pakistan and Balochistan have reached an agreement on a framework that provides for the reconstitution of the Reko Diq project in the country's Balochistan province, after 10 years of legal battles and negotiations.The project, which was suspended in 2011 due to a dispute over the legality of its licensing process, hosts one of the world's largest undeveloped open pit copper-gold porphyry deposits, the company said in a statement. According to the press release, a separate agreement provides for Barrick's partner Antofagasta PLC to be replaced in the project by the Pakistani parties.Amid the already prevailing anti-government sentiment in Balochistan, the provincial General Secretary said that the province has precious natural resources like Sui gas, Saindak and Reko Diq, but in return for these resources, Balochistan has received only poverty, deprivation, check posts, exploitation and dead bodies, reported Intekhab Daily, Balochistan-based newspaper.The federal and provincial governments are responsible for all the ills and deprivation of Balochistan and the oppressed people, especially the youths of Balochistan should join the 'give rights' campaign to fight for their rights, he said while holding the governments at both levels accountable for the situation in Balochistan.Speaking in a program in Gwadar he said that the federal government very rarely gives anything to Balochistan and when it gives the provincial rulers usurp it adding that Nepotism and corruption are flourishing in the province.He slammed the leadership and stated that the problems should not have multiplied so much only if the rulers have been honest, pious and sincere. The foreign loans have also increased unemployment and inflation. The economy, agriculture and education and health sectors are destroyed, said the JI leader in the program, reported daily.The reconstituted project will be held 50 per cent by Barrick and 50 per cent by Pakistan stakeholders, comprising a 10 per cent free-carried, non-contributing share held by the government ofIn Balochistan, an additional 15 per cent is held by a special purpose company owned by the government of Balochistan and 25 per cent is owned by other federal state-owned enterprises.Barrick will be the operator of the project which will be granted a mining lease, exploration licence, surface rights and a mineral agreement stabilizing the fiscal regime applicable to the project for a specified period, the release added."...This is a unique opportunity for substantial foreign investment in the Balochistan province and will bring enormous direct and indirect benefits not only to this region but also to Pakistan for decades to come. In addition to local employment and skills development, local procurement, infrastructure upgrades and improved medical and education systems, Reko Diq could also be the springboard for further exploration and other mineral discoveries along the highly prospective Tethyan Metallogenic Belt," said Mark Bristow, Barrick's president and chief executive officer.Pakistan Prime Minister Imran Khan congratulated the people of Balochistan on agreement with Barrick Gold for the development of Reko Diq mine."I congratulate the nation and people of Balochistan on successful agreement with Barrick Gold for development of RekoDiq mine after 10 years of legal battles and negotiations. The penalty of approx USD 11 bn is offset, USD 10 bn will be invested in Balochistan creating 8000 new jobs," Imran Khan tweeted."RD will potentially be the largest gold and copper mine in the world. It will liberate us from crippling debt and usher in a new era of development and prosperity," he said in another tweet. Though Prime Minister Imran Khan has praised and welcomed the accord however the accord continues to remain a major point of contention for Jamaat e Islami (JI), Balochistan.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Barrick Gold Corporation, NewsFOLLOW

Barrick gold corporation, Latest News

New Delhi, Feb 4: Germany has appointed local businessman Mir Murad Baloch as its honourary consul general for Balochistan. ... ...

New Delhi, Jan 18: Canadian mining company Barrick Gold has started work on the Reko Diq mine project in ... ...

Balochistan National Party-Mengal and National Party held separate demonstrations in Quetta and another part of Balochistan province against the ... ...

Drawing parallels with the exploitative projects of China in Balochistan, Baloch activists termed the international investment by a Canadian firm, Barrick Gold, in the province a "double standard" by the west and urged the firm to avoid investing in ...

New Delhi, Oct 18: Barrick Gold Corporation, which signed a deal with the Imran Khan government in March this ... ...

New Delhi, Sep 9: A cash-strapped and flooded Pakistan played host to a high-profile delegation of Canada-based extraction firm ... ...

Pakistan's National Party (NP) chief Dr Abdul Malik Baloch has said that the recently concluded Reko Diq agreement is not acceptable to his party until its details are made public. ...

Hidayat Ur Rahman, the Provincial General Secretary of Jamaat-e-Islami (JI), Balochistan, slammed the Imran Khan government for exploiting the resources in the name of Reko Diq accord, adding that it is not beneficial to Balochistan or its people as ...