The Governments of Pakistan and Balochistan have signed an agreement with Barrick Gold Corporation of Canada to revive the Reko Diq Project.

Prime Minister Imran Khan witnessed the signing ceremony in Islamabad on Sunday.

The agreement was signed on Sunday by representatives of the Federal and Balochistan Governments with a delegation of Barrick Gold led by Chief Executive Dr Mark Bristow.

The new project company shall be owned 50 percent by Barrick Gold. The remaining 50 percent shareholding shall be owned by Pakistan.

As part of the Prime Minister's vision, the Government of Balochistan shall not incur any expenses in development of the mines and its share of expenses shall be borne by the Federal Government.  

The investment shall create over 8000 new jobs.

Addressing the ceremony, the Prime Minister emphasized on development of Balochistan and uplift of underdeveloped areas.

He hoped the investment will mark the beginning of large scale investments in Balochistan that shall change the quality of lives of ordinary citizens in the province.