One of the world’s largest mining companies, Barrick Gold, is investing in Reko Diq
Reko Diq is in Chaghi, Balochistan and has 12.3 million tons ofcopper and 20.9 million ounces of gold in inferred and indicatedresources, according to the government. It is one of the world’slargest undeveloped copper projects.
Barrick is making foreign investment worth $8 billion
The government says It will give Balochistan Rs300 billion annually in royalties.
Balochistan has 25% shares in this deal but protestors say it should get half.
Protests have been held against the changes to the Foreign Investment (Promotion and Protection) (Amendment) Bill, 2022 which were linked to Reko Diq.
Economist Kaiser Bengali is against these developments on ownershipBarrick Gold owns half of the mine.
“Provinces own all their minerals aside from oil and gas. This was the rule even before the 18th Amendment to the Constitution,” he said on Spot Light with Munizae Jahangir last week.
“The copper and gold belong to Balochistan. Only the government of Balochistan can sign deals with foreign companies. The federal government cannot do it.”
Ever since gas was discovered in Balochistan in 1952 it has been treated like a colony, he said. “Now the colonisation has been legally endorsed.Balochistan is a colony and will be run by Islamabad. This is extremely dangerous and completely against the Constitution.”
