ISLAMABAD:
Additional Attorney General (AAG) Aamir Rehman on Wednesday told the Supreme Court that Barrick Gold Corporation’s previous license for gold mining in Reko Dick from Balochistan area has been canceled and will now be granted new one.
Five more bench judges led by the Chief Judge of Pakistani Judge Umar Ata Bandial, composed of Judges Ijazul Ahsan, Judge Muneeb Akhtar, Judge Yahya Afridi and Judge Jamal Khan Mandohail, resumed the hearing. on President’s note on in project.
President Arif Alvi, on advice of Prime Minister Shehbaz Sharif has filed an application to seek the opinion of the supreme court. on Reko Dick out-of- global agreement.
During the course of proceedings, AAG, continuing his argument, said government should maintain transparency as a fiduciary in has the meaning of public policy.
“Only a company with exploration license received a mining contract,” he said. added.
The AAG said that the CC announced the previous agreement. for mining reko dick zero and void because it didn’t have a proper feasibility study.
“The mining contract will be terminated if the company that discovered them terminates it,” he said. added.
He said mining royalties used to be 2% and are now 5%.
AAG told the court that after signing of $900 million settlement agreement with enterofist company, issue of in penalty of nearly $10 billion imposed on Pakistan International Court of Justice of Justice (ICJ) will be settled.
He argued that the court decisions stated that there is should transparency in the contract with company for a project.
He added that the court decisions didn’t mention that there can’t be any transparency in projects without a process of bargaining.
AAG stated that there are only a dozen companies. in in the world including Barak Gold, for exploration and production of minerals.
He said that despite the cancellation of license of Barrac Gold, no company applied to Pakistan for taking up in project of Reko Dick because of Courts decision.
The AAG told the court that the Balochistan Assembly held a nine-hour briefing. last year on in new Contract Reco Dik. After the briefing, he added the provincial assembly made amendments to relevant provisions in June of this year.
He said there were many fundamental flaws in the previous Reko Diq agreement that was removed in in new one.
During a previous hearing, Judge Munib Akhtar observed that the $10 billion fine imposed by on Pakistan by MS in the Reqo Diq case was a “nuclear bomb” that could hit a country from anywhere in the world in in world.
Main justice noted that the advisory body should set up to monitor issues related to new pact.
He added that the Center has invested 1 billion rupees in in project but it gave power for this is for the provincial government.
AAG informed the court that Reqo Diq project will be executed with efficiency and transparency.
To this chief justice noted that the level of transparency in our country can be judged by fact that many cases were approved by the Cabinet of Ministers “without even opening them.”
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