Barrick Gold Corporation, a Canada-based mining company, has expressed a strong interest in investing in Gwadar for the import and export of various minerals.
The development emerged during the visit of a team of Barrick Gold Corporation to Gwadar on Tuesday. Headed by Reko Diq’s Project Director, Michael Peter Nelson, the team attended an important meeting about investment opportunities in Gwadar.
During the meeting, Chairman of Gwadar Port Authority (GPA) Naseer Khan Kashani briefed the Barrick Gold team about Gwadar Port, Gwadar Free Zone, and other development projects under the China-Pakistan Economic Corridor (CPEC).
The Barrick Gold team was also apprised of the tourism opportunities in Gwadar. Chairman GPA said that the Gwadar International Airport will become operational next year and tourists from worldwide will visit the port city.
Chairman GPA urged the Barrick Gold team to take advantage of the investment opportunities which Gwadar has to offer, adding that Gwadar is completely safe for foreign investment and the port city has all the necessary infrastructure to facilitate the investors.
Earlier this year, in March, it was reported that Barrick Gold Corporation is set to restart the development of the Reko Diq mine after nearly a decade-long legal battle.
As part of renewed agreements with the Federal and Balochistan governments, Barrick Gold agreed to invest $10 billion in Balochistan, creating 8,000 employment opportunities for the citizens of the province.
Barrick Gold and Pakistan each will have a 50% share in Reko Diq. Pakistan’s share will be equally divided between the Federal and Balochistan governments.
The Federal government’s 25% shareholding will be divided equally between three state-owned entities (SOEs); Oil and Gas Development Corporation Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Government Holdings Pakistan Limited (GHPL). On the other hand, Balochistan’s 25% share will be held by a company wholly-owned and controlled by the provincial government.
50% – 50% is a joke for pakistan and is a big corruption. Pakistan’s share should be 80% and Barrick Gold share should be 20%.
The contract should be ended. Pakistan should gets is own workforce trained and acquire its own machinery for the gold excavation. its a matter of life for pakistan.
its way better compared to african countries, in some mines in africa the goverment doesnt get more than 5 percent share and they are very lucky if they get to own 20 percent share, this sounds like good deal compared to them. and its barrick gold looting in africa.