ECC Okays Measures for Early Start of Reko Diq Project

The meeting of the Economic Coordination Committee (ECCECC) of the cabinet has approved two important agenda items related to the Reko Diq project. The meeting was presided over by Finance Minister Ishaq Dar, who is also chairman of the ECC.

The amount held in an escrow account in connection with the Reko Diq Project dispute settlement has been calculated by the Ministry of Energy. The federal government and government of Balochistan entered into an out-of-court dispute settlement with Tethyan Copper Company Pvt Limited.

The Federal Government has to clear liabilities to Antofagasta PLC. The ECC allowed Finance Division to arrange the interest payable for the Balochistan government’s share of $8.51 million from the loan of Rs. 65 billion already raised by GHPL.

It approved a proposal of the Finance Division on the funding plan of the federal government for the share of the Balochistan government in the Reko Diq Project.