Government Sets Up Special Departments to Boost Mining Operations

News Desk3 hours ago

The Special Investment Facilitation Council (SIFC) has identified the mining industry as one of its top priorities, and efforts are being made to promote it in partnership with both domestic and international investors.

Mining in the Chagai district has increased since Barrack Gold and the court settlement went out of court. Pakistan will contribute $2 billion of the $4 billion project.

Under the SIFC, Pakistan and Kuwait have also jointly formed a $1 billion mining fund.

Following the Supreme Court’s (SC) ruling that the contract was “legal,” Pakistan and Barrick Gold Corporation signed a historic $8 billion agreement earlier in 2022 for the Reko Diq project.

Federal and Balochistani government authorities signed the historic $8 billion deal. The signatorys included a representative of Reko Diq Gold Corporation.

On December 9, the Pakistani Supreme Court (SC) declared that the recent agreement regarding the Reko Diq gold and copper mining project in Balochistan is lawful.

One of the biggest undeveloped copper-gold mines in the world is Reko Diq. The project has been put on hiatus since 2011, however it is now being resumed.

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On the recommendation of Prime Minister Shehbaz Sharif, the top court rendered a decision on a reference submitted by President Arif Alvi under Article 186 of the Pakistani Constitution in the Reko Diq Project.

 

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