ISLAMABAD: President Dr Arif Alvi, on the advice of Prime Minister Shehbaz Sharif, accorded approval to the summary for filing a reference in the Supreme Court in Reko Diq case, local media reported on Wednesday.
The approval has been given by the president under Article 186 of the Constitution. The reference will seek the opinion of apex court on the settlement agreement on Reko Diq. Earlier, the federal cabinet approved sending a presidential reference on Reko Diq case to the Supreme Court of Pakistan.
In March 2022, the-then finance minister Shaukat Tarin announced that an agreement for the development of Reko Diq mine had been reached with a foreign company Barrick Gold, according to which Balochistan would have a 25 percent share.
Pakistan and Tethyan Copper Company (TCC) had agreed to divide shares with each side getting 50 percent of them, contrary to 25 percent shares for Pakistan in the previous deal.
In 2019, Pakistan managed to get a reduced penalty from a massive $16 billion to $6 billion in Reko Diq case. In a 700-page ruling, ICSID awarded a $4.08 billion penalty and $1.87 billion in interest to Pakistan. The amount will be paid to Tethyan Copper Company (TCC).
Tethyan Copper Company (TCC) had been granted a licence for gold and copper mining at Reko Diq, area of Balochistan, but the former chief justice of Pakistan Iftikhar Chaudhry had cancelled the agreement with the company.
