ISLAMABAD: Chief Justice of Pakistan (CJP) Umar Ata Bandial remarked that it was not job of apex court to give an opinion on agreements like Reko Diq deal. CJP Bandial issued remarks during hearing of a presidential reference seeking top court’s opinion on Reko Diq settlement agreement.

During course of proceedings, CJP Bandial said that Reko Diq agreement would have been signed under different conditions if Pakistan had resources. “Court did not have expertise in financial matters.

Questions asked in reference are very broad, so clarify them,” CJP ordered. In response, Additional Attorney-General Aamir Rehman presented details of deals and agreements relating to Reko Diq case. Balochistan government signed a Chagai Hills Exploration Joint Venture Agreement in 1993. In 2,000, Tethyan Copper Company made an investment of $ 240 million, he informed court, adding that in 2006, a petition was filed in Balochistan High Court against gold mining agreement. However, it was dismissed.

Supreme Court declared Chagai Hills Exploration Joint Venture Agreement “illegal” in 2013. After that, Tethyan Copper Company approached international court in light of Supreme Court’s decision. After this, international courts imposed a fine on Pakistan which is over $ 9 billion, said Rehman.

“Why is Barrick Gold getting 50 percent of share and who actually owns Reko Diq?” questioned Justice Jamaal Khan Mandokhel. At this, attorney-general said that Balochistan was getting 25 percent of share while federal government is paying for it. He said that Reko Diq agreement will make a profit of $ 104 billion and federal and Balochistan governments will get a 62 percent profit from deal.

Aamir said that Tethyan Copper Company needs assurance for a big investment and in case court does not allow it, Pakistan will have to give $ 9 billion. “Where will Pakistan pay $ 9 billion from?” questioned Justice Ijazul Ahsan. At this, Aamir said that there will be no international investments in Pakistan if country has to pay $ 9 billion.

Published in The Daily National Courier, October, 26 2022

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