International Court slaps $5 billion penalty on Pakistan in Reko Diq case
International Court slaps $5 billion penalty on Pakistan in Reko Diq case
The company said it had invested more than $220 million by the time Pakistan's government
16 July, 2019, 17:32
The World Financial institution's World Centre for the Settlement of Funding Disputes has ordered the Islamic Republic of Pakistan to pay US$5.83 billion to a Barrick Gold Corp. joint project subsidiary for blocking a mining mission with regards to a decade previously.
Pakistan's Dawn News reported that ICSID awarded a $4.08bn penalty and $1.87bn in interest.
After the ruling, Tethyan Copper said it is willing to negotiate a settlement with Pakistan, and Hillcoat said an agreement could potentially be reached given that Pakistan will want to be seen to be abiding by rules from the likes of the World Bank, organisations which give significant aid to the country.
The company had claimed $11.43 billion in damages. The global tribunal, based on Mubarakmand " s statement, said Reko Diq has assets worth $131bn and Pakistan can extract gold and other items worth $2.5bn in order to repay the amount.
The deposit was set to rank among the world's biggest untapped copper and gold mines.
In 2011, the Pakistani government refused to grant the company a mining lease to continue operations.
A commission is being formed to investigate who is responsible for the Reko Diq case.
The small town of Reko Diq in Chagai district in Balochistan is located in a desert area, 70 kilometres north-west of Naukundi, close to the border with Iran and Afghanistan.
Pakistan's Attorney General, Anwar Mansoor Khan, said in a statement they had noted the decision "with disappointment".
Pretty heaps of different Canadian mining companies who didn't arrive their initiatives foreign enjoy filed investor-enlighten arbitration claims in opposition to global nations.
A thorough internal review of this long-standing arbitration shall also be conducted in due course, it added.
"Pakistan welcomes all foreign investors and assures them that their lawful rights, interests and assets will always be protected", the AG office said.
"Given the size of the award, we expect the Government of Pakistan to appeal by any route possible and to defer and delay to all and any extent possible", Andrew Kaip, an analyst with BMO Capital Markets, said in a research note.
The country's legal experts were "studying the award and reflecting upon its financial and legal implications", the statement continued.
Sources privy to the development claim that Pakistan has chose to challenge the decision before an global court by filing a revision application, sources said.
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However, it did not benefit most of the commercial airliners and they were waiting for Pakistan to fully open its airspace. A CAA spokesman confirmed to AFP that the eastern airspace along the border with India had been reopened.
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