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HomeNationalSC terms Reko Diq revival deal 'legal'

SC terms Reko Diq revival deal ‘legal’

The Supreme Court of Pakistan on Friday ruled that the settlement deal between the Pakistan government and the Canadian mining giant Barrick Gold regarding the Reko Diq mining project is legitimate.

Chief Justice of Pakistan Umar Ata Bandial announced a 13-page brief opinion followed by a five-judge larger bench’s reserved decision in the presidential reference on November 29.

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The apex court’s 2013 ruling nullifying the original accord is not violated by the settlement arrangement.

The SC further stated that the Balochistan Assembly was taken into confidence and that the federal and provincial administrations made the accord with expert advice. Additionally, it states that elected officials had no objections to the arrangement.

The CJP stated that regulations for the exploitation of mineral resources had been passed by the governments of Sindh and Khyber Pakhtunkhwa.

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In the view of the Supreme Court, there was no illegal clause in the contract, and the Canadian mining company had guaranteed that corporate social responsibility and labour rules would be upheld.

The bench insisted that the Foreign Investment Bill applied to all businesses looking to invest more than $500 million in the nation, not only Barrick Gold.

Pakistan would incur a $100 million fine if the agreement between Barrick Gold and the country is not finalized by December 15.

Similarly to that, the ICC Arbitral panel will likewise grant the nation billions of cash. Before the contract is signed, two things must be done.

First is the decision of the Supreme Court on the two issues and then the appropriate legal framework for that investment.

President Arif Alvi had earlier submitted a reference to the SC under Article 186 of the Constitution On the prime minister’s recommendation, asking the top court to consider the two crucial issues.

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