Mark bristow, President of Barrick Gold

Islamabad, March 20 An out-of-court settlement of the Reko Diq project in Pakistan's Balochistan province's Chagai district has been finalised and an official announcement in this regard is likely be made, The Express Tribune reported.The Pakistan government has actively engaged with Australia's Tethyan Copper Company (TCC) to reach a settlement as the country was threatened with facing a penalty of $6 billion due to its decision to deny a mining lease to the TCC.The Attorney General for Pakistan (AGP) office, especially International Disputes Unit Head Additional Attorney-General (AAG) Ahmed Irfan Aslam, mainly negotiated the Reko Diq deal.AAG Ahmed Irfan had earlier successfully negotiated the deal in the Karkey case, in which Pakistan faced a billion-dollar fine.According to sources, a new agreement was signed by representatives of the federal government and Balochistan with a delegation of Barrick Gold led by Chief Executive Mark Bristow.As per the terms of the new agreement, the Reko Diq project shall be revived and developed by Barrick Gold in partnership with Pakistani entities.Fifty per cent of the new project's shares will be owned by Barrick Gold, while the remaining shares shall be owned by Pakistan, divided equally between the federal government and the provincial government of Balochistan.The federal government's shares of 25 per cent shall be divided equally amongst three state-owned entities (SOE), namely Oil & Gas Development Corporation Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Government Holdings Pakistan Limited (GHPL), Express Tribune reported.Balochistan's shares shall be held by a company wholly-owned and controlled by the provincial government.Earlier, the lawmakers of Balochistan expressed their satisfaction with the terms of the proposed deal after senior federal government officials addressed concerns on the out-of-court settlement for the Reko Diq project.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

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

Mark Bristow, NewsFOLLOW

Mark bristow, Latest News

National :Can a Baloch journalist, green activists upset Barrick Gold's plans in Balochistan?

By Rahul Kumar New Delhi, May 6: Just one sentence, "You should go back to Balochistan", has put Barrick ... ...

National :Controversial Barrick Gold starts work on Balochistan's Reko Diq mines

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

International :Pak Army intensifies Baloch genocide from aid by Canadian firm: Baloch National Movement

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 ...

International :Pakistan: Jamaat-e-Islami rejects Reko Diq deal, slams Imran Khan govt for nepotism, corruption in Balochistan

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 ...

International :Pakistan govt, Barrick Gold to restart Reko Diq project

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 ...

International :Pak reaches out of court settlement with Australian firm for Balochistan mining project

Islamabad, March 20 An out-of-court settlement of the Reko Diq project in Pakistan's Balochistan province's Chagai district has ... ...