The attorney for the Balochistan government told the Supreme Court on Wednesday that the Reqo Dik project would bring $32 billion to the province over a 47-year period.
Following the hearing of a presidential referral on the matter, Salahuddin Ahmed informed the five-judge bench led by Chief Justice of Pakistan (CJP) Umar Ata Bandial that the provincial government would receive 25% of the profits from the gold mine project.
He added that a Balochistan-based holding and offshore firm would control 15% of this 25% stake. Furthermore, Salahuddin informed the court that the government of Balochistan will receive 25% in capital and 5% in royalties.
Furthermore, there are opportunities for corporate social responsibility and employment. CJP Bandial inquired about the completion date of the project.
The lawyer responded that the feasibility studies for the project would take 2.5 years to complete. He went on to say that the Reko Diq project would begin within the next five years.
The lawyer told the court that companies from China, Japan, and Russia had also expressed interest in the Reko Diq project. However, he added that these companies were unwilling to pay Pakistan’s $9 billion fine.
Justice Ijazul Ahsan inquired about Pakistan’s case before the International Centre for Dispute Resolution and the International Criminal Court.
Salahuuddin responded that the International Center for Dispute Resolution had a contract breach case against the Pakistani government.
He added that the Balochistan government was facing a case at the International Criminal Court for breach of agreement.
If Pakistan does not sign an agreement by December 15, the affected company will take legal action against the country, according to the lawyer.
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