Udayavni Special

World Bank orders Pakistan pay $5.8 bn damages to Chilean-Canadian miner


PTI, Jul 15, 2019, 4:11 PM IST

Santiago: A World Bank arbitration court has ordered the Pakistani government pay damages of $5.8 billion to Tethyan Copper, a joint venture between Chile’s Antofagasta Plc and Canada’s Barrick Gold, the Chilean miner said late on Friday.

Tethyan Copper discovered vast mineral wealth more than a decade ago in Reko Diq, at the foot of an extinct volcano near Pakistan’s frontier with Iran and Afghanistan. The deposit was set to rank among the world’s biggest untapped copper and gold mines.

The company said it had invested more than $220 million by the time Pakistan’s government, in 2011, unexpectedly refused to grant them the mining lease needed to keep operating.

The World Bank’s International Centre for Settlement of Investment Disputes (ICSID) ruled against Pakistan in 2017, but until now had yet to determine the damages owed to Tethyan.

Tethyan board chair William Hayes said in a statement the company was still “willing to strike a deal with Pakistan,” but added that “it would continue protecting its commercial and legal interests until the dispute was over.” The Reko Diq mine has become a test case for Prime Minister Imran Khan’s ability to attract serious foreign investment to Pakistan as it struggles to stave off an economic crisis that has forced it to seek an International Monetary Fund bailout.

Pakistan’s military sees Reko Diq as a strategic national asset and had taken a key role in its development amid the dispute with Antofagasta and Barrick, sources familiar with the situation told Reuters earlier this year.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Govt tightens rules for social media, OTT platforms

CBI arrests two Customs officials for briber

Modi underlines support for farmers; says NDA aims to ensure their dignity

ISRO completes launch rehearsal of PSLV-C51 mission, two satellites drop out

Modi targets Rahul over ‘north-south’ remarks, lashes out at Congress for ‘divide, lie and rule’ policy

PNB scam case: Nirav Modi loses extradition fight, UK judge rules he has case to answer in India

Root uproots Indian middle-order, hosts all-out for 145 at tea on Day 2



Related Articles More

Jaishankar, Uzbek FM hold talks; discuss situation in Afghanistan

Right of Self-defence applies also to attacks by Non-state actors: India Tells UN meeting

Australia passes landmark law requiring tech giants to pay for news

Biden lifts Trump-era ban blocking legal immigration to US

Tie-up with Serum Institute of India key to mass production of COVID vaccines, say two pharma majors

MUST WATCH

Mangaluru: Beedi workers protest against COTPA amendments

Mangaluru: Police arrest four for ATM skimming

Drama performer invokes Goddess Chamundi? Video viral

Mangaluru: Kudroli Ganesh wows audience with magic show

Listen to the story by Dr. Gururaj Karjagi on the concept of ‘Joy of Giving’. Part-1

Latest Additions

Govt tightens rules for social media, OTT platforms

England fold for 81; India 11/0 in chase of 49 at dinner break

Social media platforms have to abide by Indian laws: Shah

CBI arrests two Customs officials for briber

Jaishankar, Uzbek FM hold talks; discuss situation in Afghanistan

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.