ISLAMABAD: Prime Minister Imran Khan on Thursday announced successful agreement for development of Reko Diq mine after 10 years of legal battles, saying it would bring US$10 billion investment and 8000 jobs in Balochistan, ARY NEWS reported.
The prime minister took to Twitter to make the announcement saying that he congratulates the nation and people of Balochistan on successful agreement with Barrick Gold for development of Reko Diq mine after 10 years of legal battles and negotiations.
He shared that a penalty of approximately US$ 11 billion is off set while US$10 billion will be invested in Balochistan creating 8,000 new jobs.
The prime minister said that the Reko Diq will potentially be the largest gold and copper mine in the world and will liberate us from crippling debt and usher in a new era of development and prosperity.
Previously, it has been reported that in a major breakthrough in Reko Diq case, Pakistan and Tethyan Copper Company (TCC) have agreed over 50 percent shares, likely paving way for averting a multi-billion-dollar fine imposed on Pakistan from an international court.
According to sources privy to the details, Pakistan and Tethyan Copper Company (TCC) have agreed to divide shares with each side getting 50 percent of them, contrary to 25 percent shares for Pakistan in the previous deal.
It emerged that the agreement between them would likely be signed in February and if finalized, it would avert a looming threat on Pakistan over the imposition of a US$6 billion fine.
In 2019, Pakistan managed to get a reduced penalty from a massive $16bn to $6bn in Reko Diq case.
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