Prime Minister Imran Khan congratulates the nation on the new agreement of Rekodak
About ً11 billion$ in fines will be abolished,10 billion$ will be invested in Balochistan, 8,000 new jobs will be created, this project will start a new era of development and prosperity by freeing us from debt. Prime Minister's tweet
Prime Minister Imran Khan has congratulated the nation on the new agreement of Rekodak.
He said that after 10 years of legal battles and negotiations, I would like to congratulate the nation and people of Balochistan on the successful agreement with Barrack Gold for the development of Rekodak mine.
Congratulations, almost 11 billion$ fine has been lifted, 10 billion$ will be invested in Balochistan and 8000 new jobs will be created.
In a message posted on the social networking site Twitter, he expressed hope that Rekodak would be the largest gold and copper mine in the world, a project that would free us from debt and create a new era of growth and prosperity. The era will begin.I congratulate the nation & ppl of Balochistan on successful agreement with Barrick Gold for development of RekoDiq mine after 10 years of legal battles & negotiations. Penalty of approx $ 11 bn is off set, $10 bn will be invested in Balochistan creating 8000 new jobs.
— Imran Khan (@ImranKhanPTI) March 20, 2022
It is to be noted that the company which was earlier awarded the contract is Tethyan Copper Company, an Australian company. The contract was terminated in 2013, declaring it illegal.
Tethyan later filed a lawsuit against the Pakistani government for violating the agreement, which resulted in the World Bank arbitration tribunal ordering Pakistan to pay 5.97 billion$ to the company in July 2019.
In order to recover the money, the state had started the process of linking foreign assets with the recovery, requesting to link the Roosevelt Hotel in New York and the Scribe Hotel in Paris with the case, which was granted, however.
Pakistan fought a full-fledged legal battle and won its case in the British Virgin Islands High Court.