President Dr. Arif Alvi, after consulting with Prime Minister Shehbaz Sharif, gave approval to the summary for filing reference to the Supreme Court to get validation for the new Reko Diq project deal under Article 186 of the Constitution.
Recently, the apex committee, under the chairmanship of the Minister for Finance and comprising Tethyan Copper Company Pakistan (Private) Limited shareholders along with others, agreed to a framework for the settlement and revival of the Reko Diq project in March 2022.
According to the communique released by the president’s secretariat, the federal cabinet in a meeting held on September 30 had approved filing the presidential reference with regard to the questions of law of public importance.
It stated that the government required opinion on two questions: is the deal with the complainant company, TCC, compliant with the apex courts earlier judgment in the Maulvi Abdul Haq case; second, is the recommended Investment Protection Act compliant with the Constitution?
It is hoped the chief justice of Pakistan will constitute a five-judge larger bench to hear the presidential reference, media reported.
In the recent past, Barrick Gold Corporation, a Canada-based mining group, asked the government to get the Reko Diq gold and copper deal signed by parliament and the Supreme Court for the long-term sustainability of the companys investment in the project.
As per the settlement, 50% of the new projects shares would be held by Barrick Gold, whereas the rest of the shares would be owned by Pakistan, divided equally between the Centre and the Balochistan government.
Moreover, a 25% share of the federal government be divided equally among three state-run bodies — the Oil and Gas Development Corporation Limited (OGDCL), Government Holdings Pakistan Limited (GHPL), and Pakistan Petroleum Limited (PPL).
No private company was a part of the project by the Pakistani side despite efforts.
Meanwhile, Balochistans share shall be owned by a company wholly-owned and controlled by the provincial government. Being a part of the PMs vision for Balochistan, the share of the provincial government of capital and operating expenses for the project shall be borne by the Centre.