New Reko Diq agreement is deemed legitimate by the Supreme Court.

ISLAMABAD – On Friday, the Supreme Court ruled that a revised agreement between the Pakistani government and a Canadian company over the Reko Diq gold and copper mining project in Balochistan was lawful.

An opinion on a referral submitted by President Arif Alvi was released by a five-judge panel of the supreme court, which was presided over by Chief Justice of Pakistan Justice Umar Ata Bandial and included Justices Ijazul Ahsan, Muneeb Akhtar, Yahya Afridi, and Jamal Khan Mandokhel.

The president has inquired of the supreme court over the legality of a new Reko Diq project agreement in light of both the Pakistani Constitution and international arbitration.

Prior to ending a protracted dispute with Pakistan in March of last year and resuming work on the mining project under a new agreement, the Canadian company Barrick Gold requested that the federal government seek approval from the Supreme Court and the Parliament to protect the company’s investment in the project.

The ruling of the Supreme Court would spare Pakistan from a $11 billion fine and other penalties imposed by a World Bank arbitration court. Additionally, it would pave the door for a massive $10 billion investment in the project by Barrick and its partners.

In its succinct ruling, the supreme court noted that the government had inked the deal after conferring with experts and taking the Balochistan Assembly into confidence.Additionally, it stated that the project is safe for the environment and that there is no infringement of a 2013 Supreme Court ruling.

Additionally, it stated that the project is safe for the environment and that there is no infringement of a 2013 Supreme Court ruling.