ISLAMABAD: President Dr. Arif Alvi on the advice of the Prime Minister Shehbaz Sharif has accorded approval to the summary for filing reference to the Supreme Court in Reko Diq case, ARY News reported on Wednesday.
The approval has been given by the president under Article 186 of the Constitution. The reference will seek the opinion of the apex court on the settlement agreement on Reko Diq.
Earlier, the federal cabinet approved sending a presidential reference on Reko Diq case to the Supreme Court of Pakistan.
In March 2022, the then finance minister Shaukat Tarin announced that an agreement for the development of Reko Diq mine has been reached with a foreign company Barrick Gold, according to which Balochistan will have a 25% share.
Pakistan and Tethyan Copper Company (TCC) have agreed to divide shares with each side getting 50 percent of them, contrary to 25 percent shares for Pakistan in the previous deal.
In 2019, Pakistan managed to get a reduced penalty from a massive $16bn to $6bn in Reko Diq case.
Read More: BVI COURT REVERSES REKO DIQ CASE VERDICT, SAVES PIA HOTELS & LITIGATION EXPENSE
In a 700-page ruling, ICSID awarded a US$4.08 billion penalty and $1.87 bn in interest to Pakistan. The amount will be paid to Tethyan Copper Company (TCC).
Tethyan Copper Company (TCC) had been granted a license for gold and copper mining at RekoDiq, area of Balochistan but the former chief justice of Pakistan Muhammad Chaudhry had cancelled the agreement with the company.
