The new deal between the Federal and provincial governments and Barrick Gold is being framed as a potential game changer for the economy.
The Federal Government, the Balochistan Government, GHPL (Government Holdings Pakistan Limited), and Barrick Gold Corporation have signed a non-binding framework agreement with Oil & Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) to facilitate the implementation of a joint mining project at Reko Diq mine.
The Federal and provincial governments of Balochistan, as well as Barrick Gold Corporation, have struck a deal worth $10 billion. According to the deal, Barrick Gold will own 50% of the project, with the remaining 50% shared equally between the Federal and Balochistan governments.
The Federal Government’s interest will be split among three state-owned companies: OGDC, PPL, and GHPL, each of which will control 8.33 percent of the project. In addition, free equity will account for 10% of the total 25% interest of the Balochistan Government in the mine. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
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