Syed Marwan Shah

A Canadian-based mining company -- Barrick Gold Corporation -- has shown a keen interest in making investment in Gwadar to import and export various minerals.

The development was revealed during the visit of a Barrick Gold Corporation team to Gwadar on Tuesday, September 7. Reko Diq's Project Director Michael Peter Nelson, who was leading the delegation, attended an important meeting regarding investment opportunities in Gwadar.

Naseer Khan Kashani, Chairman of Gwadar Port Authority (GPA), briefed the Barrick Gold team on Gwadar Port, Gwadar Free Zone, and other development projects as part of the China-Pakistan Economic Corridor (CPEC).

A briefing on tourism opportunities in Gwadar was also arranged for the Barrick Gold team. According to Naseer Khan Kashani, Gwadar International Airport will become operational next year, attracting tourists from around the world.

The GPA chairman encouraged Barrick Gold to take advantage of the investment opportunities Gwadar has to offer. He stressed that the port city is safe for foreign investment and is equipped with all the necessary infrastructure to facilitate investment.

Following nearly a decade-long legal battle, Barrick Gold Corporation is set to restart the development of the Reko Diq Mine in Balochistan province. Barrick Gold has agreed to invest $10 billion in Balochistan as part of renewed agreements with the provincial government and the federal government. This investment is expected to create 8,000 employment opportunities for the residents of Balochistan.

Barrick Gold will hold 50% of the shares, while Pakistan's state-owned enterprises (SOEs) are to hold 25%, and the Balochistan government will also own 25%.

It is important to note that Balochistan’s shares in Reko Diq will be fully funded by its partners and the federal government, which means that the province will receive dividends, royalties, and other benefits from its 25% ownership of Reko Diq without having to contribute financially to the mine's construction and operation. 

Earlier, in August, an Omani investment financing company – Anvwar Asian Investments – also offered to invest $2.3 billion in the railway track of Pakistan Railways (PR) to connect the Gwadar port city to the main line track of the PR.

The railway line will connect Gwadar Port to Jacobabad, covering a distance of 1,087 kilometres. With completion of Gwadar-Jacobabad railway line, the port city of Gwadar will be connected to the main railway network of Pakistan, which will prove to be highly beneficial to the country and the region as well.

Credit : Independent News Pakistan-WealthPk