ISLAMABAD: Chief Minister Balochistan Abdul Quddus Bizenjo Sunday said the Reko Diq project will connect Balochistan with the world and generate employment opportunities for the local masses.

Speaking at a press conference here, he said the agreement and settlement regarding the Reko Diq project would protect the resources of the province and interests of the local people.

He said, “Balochistan is no longer to be a place for insurgency; rather it will be a field of investment, construction and development”. Reko Diq project would bring an end to the prevailing sense of deprivation and backwardness of Balochistan, he said, adding, “It would be a game changer initiative”.

The ten-year delay in the decision regarding the multi billion-dollar copper and gold project of Reko Diq caused damage to the investors and future generation.

The job of the leadership was to make decisions and he had played his role for ensuring prosperous future of the people, he said, adding: “Awarding the 25 percent direct shares to Balochistan without any investment in the project is an historical achievement”.

Federal govt to bear all expenses of Reko Diq development: PM

As per the new agreement, Barrick Gold would retain 50 percent share, while government of Balochistan would get 25 percent share, and the rest 25 percent share would be attributed to the State Owned Enterprises Oil and Gas Development Company (OGDCL), Pakistan Petroleum Limited (PPL), and Government Holdings Pakistan (GHPL).

Barrick Gold Corporation and the Governments of Pakistan and Balochistan have reached an agreement in principle on a framework that provides for the reconstitution of the Reko Diq project.

The project was suspended in 2011 due to a dispute over the legality of its licensing process.