Pakistan Hit With $6 Billion Judgment In Long-Running Mining Case

The World Bank's International Center for Settlement of Investment Disputes (ICSID) has slapped Pakistan with a judgment of nearly $6 billion in the Reko Diq mining case. The ICSID on July 12 awarded Tethyan Copper, a joint venture between Antofagasta of Chile and Canada's Barrick Gold, a $4.08 billion penalty and $1.87 billion in interest. Pakistan has said it will appeal the case, a process that could take two to three years. Tethyan said it had invested more than $220 million to develop mineral deposits at Reko Diq, an extinct volcano near Pakistan's border with Iran and Afghanistan. Reko Diq holds one of the world's richest untapped deposits of copper and gold..................


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