https://www.miningweekly.com
Copper|Gold|Mining|PROJECT
Copper|Gold|Mining|PROJECT
copper|gold|mining|project

Pakistan ordered to pay Antofagasta-Barrick venture $5.84bn in damages

15th July 2019

By: Creamer Media Reporter

     

Font size: - +

The World Bank’s International Centre for Settlement of Investment Disputes has awarded a joint venture between London-listed Antofagasta and Toronto-listed Barrick Gold $5.84-billion in damages.

The joint venture, Tethyan Copper Company (TCC), has filed for damages against the government of Pakistan, following a denial of a mining lease for the Reko Diq project in 2011.

Damages include compensation of $4.087-billion by reference to the fair market value of the Reko Diq project at the time of the mining lease denial, and interest until the date of the award of $1.753-billion. The Tribunal also awarded TCC just under $62-million in costs incurred in enforcing its rights.

TCC chairperson William Hayes said the company was willing to discuss the potential for a negotiated settlement with Pakistan, a gesture which the country’s government reportedly welcome.

Prior to denial of the mining lease application, TCC had completed a feasibility study showing that Reko Diq was one of the world's largest undeveloped copper and gold deposits, and had a potential mine life of over 50 years and an estimated initial capital investment of over $3-billion.

 

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Hanna Instruments Image
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

VISIT SHOWROOM 
Flameblock
Flameblock

FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.115 0.151s - 91pq - 2rq
Subscribe Now