Year: 2022

Balochistan Chief Minister Mir Abdul Qudoos Bizenjo, while defending a recently signed agreement on the Reko Diq copper and gold mining project with a Canadian company, has disclosed that a Saudi Arabian firm would set up a refinery in Gwadar to assess the quantity of minerals extracted from the site. “I have taken all political leaders, parties and public representatives into confidence before signing the Reko Diq project, which will prove a gateway for foreign investment in Balochistan as [Canadian firm] Barrick Gold Corporation will invest $10 billion,” he said during an…

Experts have said that Thar’s residents are still forced to consume water from wells contaminated with toxic waste being discharged by coal mining companies, which is in serious violation of the Sindh Environment Protection Act. They said it in a webinar titled ‘Coal-induced Water Woes of Tharis’ held recently by the Alliance for Climate Justice & Clean Energy (ACJCE), a coalition of think tanks and civil society organisations working on energy transition in Pakistan. A short documentary was also screened at the webinar, highlighting the ground reality and magnitude of…

The rupee is expected to remain under pressure next week as uncertainty might persist regarding on-going political turmoil and negotiations with IMF on resumption of financial programme, traders said. The local unit faced continued pressure during the outgoing week. It started the week at 180.57 levels against the dollar and ended at Rs181.78 on Friday. Political uncertainty, deadlock over conclusion of talks with the International Monetary Fund (IMF), and depleting foreign exchange reserves of the country had had negative bearing for the rupee against dollar. Currency dealers and analysts anticipated…

The Federation of Pakistan Chambers of Commerce and Industry’s Businessmen Panel (BMP) has welcomed the govt’s efforts to escape a penalty of $11 billion after reaching an out-of court settlement on the Reko Diq project in the Chagai district of Balochistan. The BMP chairman and FPCCI former president Mian Anjum Nisar observed that following the new deal the project would make Balochistan the largest recipient of foreign direct investment (FDI) in the country, as the agreement has been reached after several rounds of negotiations over the last three years. It…