Pakistan's National Party rejects Reko Diq agreement

Pakistan's National Party (NP) chief Dr Abdul Malik Baloch has said that the recently concluded Reko Diq agreement is not acceptable to his party until its details are made public.

After 10 years of legal battles and negotiations, Barrick Gold Corporation and the governments of Pakistan and Balochistan earlier this month reached an agreement on a framework that provides for the reconstitution of the Reko Diq project in the country's Balochistan province.

Addressing a press conference on Wednesday, Baloch said 'no detailed discussion with Chief Minister Abdul Qudoos Bizenjo on Reko Diq could be held as he was not in the city when the chief minister contacted him for the multiparty conference on the issue'.

On the political situation in the country, the NP chief said Pakistan would now move towards clean and transparent elections, which was also the demand of the Pakistan Democratic Movement (PDM), reported Dawn.

Baloch said the PDM wanted the country to be run in accordance with the Constitution.

The Reko Diq project, which was suspended in 2011 due to a dispute over the legality of its licensing process, hosts one of the world's largest undeveloped open pit copper-gold porphyry deposits.

The reconstituted project will be held 50 per cent by Barrick and 50 per cent by Pakistan stakeholders, comprising a 10 per cent free-carried, non-contributing share held by the government of Balochistan, an additional 15 per cent held by a special purpose company owned by the government of Balochistan and 25 per cent owned by other federal state-owned enterprises.

According to an official release, a separate agreement provides for Barrick's partner Antofagasta PLC to be replaced in the project by the Pakistani parties. Barrick will be the operator of the project which will be granted a mining lease, exploration licence, surface rights and a mineral agreement stabilizing the fiscal regime applicable to the project for a specified period.

( With inputs from ANI )

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