Loading ...Barrick Gold (NYSE: GOLD) (TSX: ABX) will hear next week whether it can proceed with its $7 billion Reko Diq copper-gold project in Pakistan, close to the borders of Iran and Afghanistan.
The country’s Supreme Court, which has been tasked with ensuring the project is in line with Pakistan’s constitution and laws, finished its due diligence on Wednesday. The final verdict, however, won’t be announced until next week.
The Reko Diq project, which hosts one of the world’s largest undeveloped copper-gold deposits, has been on hold since 2011 due to a dispute over the legality of its licensing process.
Barrick solved the long-running dispute earlier this year, reaching a preliminary out-of-court deal that cleared the path for a final agreement on how to run the mine and profit-sharing arrangements.
A favourable court decision is vital to securing parliamentary support for the project, which is the final approval Barrick would need to kick off construction at Reko Diq.
Fate of Barrick’s $7bn project in Pakistan to be decided next week