Barrick Gold Aims for $2 Billion Investment in Pakistan’s Reko Diq Copper Project

The passengers were immediately taken into custody after the gold was discovered.

KARACHI: Pakistan Customs thwarted an attempt to smuggle gold worth Rs170 million at Karachi airport. The incident took place during the scanning of luggage belonging to a family travelling to South Africa via Dubai.

According to a spokesperson from Pakistan Customs, a thorough inspection revealed that a six-member family, including five females, had concealed approximately nine kilograms of gold in their luggage.

The confiscated gold is estimated to be worth Rs170 million.

The passengers were immediately taken into custody after the gold was discovered.

Bristow has stated that the company is open to bringing in Saudi Arabia’s Public Investment Fund (PIF) as a partner in the project.

However, Barrick will not be diluting its equity in the project.

Bristow also confirmed that Barrick is not interested in bidding for Anglo American, which recently received a takeover offer from BHP.

The company is focused on building its copper portfolio.

The Reko Diq project is one of the world’s largest undeveloped copper mines, and the first phase of the project is expected to cost $5.5 billion.

Barrick is currently seeking to raise at least $2 billion for the project.

FBR acts against construction of commercial tower in Islamabad

In a move against suspected benami transactions, the Federal Board of Revenue’s (FBR) Anti-Benami Zone-I has provisionally attached a plot of land on the prominent Jinnah Avenue in Islamabad. The land, intended for the construction of a large mall, is believed to be owned by a benamidar, a front person holding property for the benefit of another individual.

The FBR has issued a provisional attachment order for the multi-story commercial tower, effectively halting any transfer of ownership or benefit from the property. Additionally, the Capital Development Authority (CDA) has been directed to restrict any transfer of the land until further investigation is completed.

The case revolves around suspicions that the land, currently being developed by a major private real estate company, actually belongs to another company acting as a benamidar. The FBR has issued show-cause notices to the suspected benamidar, the beneficial owner, and other involved parties.

Read More: FBR blocks mobile SIMs of over 500,000 tax evaders

This action falls under the Benami Transactions (Prohibition) Act, 2017, which aims to curb the practice of holding property in the name of others to conceal ownership and evade taxes. The FBR’s Anti-Benami Zones are actively pursuing such cases to ensure transparency and accountability in property ownership.