The Supreme Court of Pakistan pronounced the Reko Diq mine agreement with Barrick Gold Corporation valid on Friday.
The supreme court ruled the sale legitimate in a presidential referral. Chief Justice Umar Ata Bandial announced the 13-page verdict.
The court stated the constitution prohibits measures targeting national assets, although provinces can modify mineral regulations.
The court said the new deal was legitimate. The arrangement isn’t against the 2013 top court verdict.
The SC said the arrangement wasn’t anti-environment.
The court emphasized that the agreement was between the federal and provincial governments. Once informed, the Balochistan Assembly backed the deal.
Most Riko Diq laborers will be Pakistanis. Pakistan is the recipient. “This agreement is valid,” the court said.
The court said Barrick Gold Corporation promised to follow labor rules and be socially responsible.
The bill isn’t just for Barrick Gold. The court said the bill is for firms investing over $500 million.
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