President Dr. Arif Alvi has given his permission to the summary for submitting a reference to the Supreme Court of Pakistan in order to obtain validation of the new Reko Diq project contract under Article 186 of the Constitution, on the recommendation of Prime Minister Shehbaz Sharif.
Earlier, the top committee, which was presided over by the minister of finance and included, among others, shareholders of Tethyan Copper Company Pakistan (Private) Limited, had approved a framework for the resolution and revival of the Reko Diq project in March 2022.
The following legal issues of public interest had been approved for filing the presidential reference by the federal cabinet during a meeting on September 30.
Are both the proposed Investment Protection Act and the arrangement with the complaining business, TCC, constitutionally compliant with the earlier ruling in the Maulvi Abdul Haq case by the Supreme Court? According to an earlier, it is anticipated that the Pakistani chief justice will convene a five-judge panel to hear the presidential reference.
The Reko Diq gold and copper contract needed to be approved by the Supreme Court and Parliament in order for Barrick Gold Corporation, a Canadian mining firm, to continue investing in the project over the long term.
The deal stipulates that Barrick Gold would control 50% of the new project’s shares and that Pakistan, represented by the Centre and the Balochistan government, would own the remaining 50%.Three state-owned companies — the Oil and Gas Development Corporation Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Government Holdings Pakistan Limited — would each receive 25% of the federal government’s share (GHPL).
