Tuesday, July 23, 2024

Balochistan to get $32 Billion in 47 years from Reqo Dik

The Supreme Court was told on Wednesday by the attorney for the Balochistan government that the Reqo Dik project would bring $32 billion to the province over a 47-year period.

After hearing a presidential referral on the issue, Salahuddin Ahmed further informed the five-judge bench headed by Chief Justice of Pakistan (CJP) Umar Ata Bandial that 25% of the profits from the gold mine project belonged to the provincial government.

A holding and offshore firm from Balochistan would control 15% of this 25% share, he added.

In addition, Salahuddin informed the court that Balochistan’s government will receive 25% in capital and 5% in royalties. Also, as well as opportunities for corporate social responsibility and employment.

CJP Bandial inquired as to the project’s completion date. The lawyer replied that it would take 2.5 years to prepare the project’s feasibility studies. The Reko Diq project would then begin in the next five years, he continued. 

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