The Economic Coordination Committee has approved two important agenda items related to Reko Diq project, paving the way for early start of the Reko Diq Project.

The meeting of the committee was held today (Sunday) virtually with Finance Minister Ishaq Dar in the chair.

Ministry of Energy submitted a summary on accrued interest with respect to the amount held in an escrow account in connection with the Reko Diq Project dispute settlement.

It was presented that government of Pakistan and Provincial Government of Baluchistan entered into an out-of-court dispute settlement with Tethyan Copper Company Pvt Limited in respect of Reko Diq Copper-Gold Project in Chaghai district of Baluchistan.

As per settlement terms, Government of Pakistan has to clear liabilities to Antofagasta PLC.

In the light of the terms of agreed settlement, the ECC allowed Finance Division to direct GHPL, OGDCL and PPL to deposit the aggregate amount of interest to the sum of 22,718,173 dollars in the escrow account from March 31, 2022 to December 15, 2022.

The ECC further allowed Finance Division to arrange the interest payable for GoB’s share amounting to 8,519,314 dollars from the loan of 65 billion rupees already raised by the GHPL with the GoP guarantee.

The ECC also considered and approved a proposal of Finance Division through a summary on funding plan of Government of Pakistan for share of Government of Baluchistan in Reko Diq Project.

Source: Radio Pakistan