Pakistan asked to pay $5.9bn to mining firm
Sunday - July 14, 2019 3:44 pm , Category : WORLD
Islamabad, July 14 (IANS) The World Bank Group's InterÂnational Centre for SettleÂment of Investment DispÂutes (ICSID) has announced a huge award of $5.976 billion against Pakistan in the Reko Diq case, Pakistani media reported on Sunday.The ICSID, which provides facilities for conciliation and arbitration of international investment disputes, rendered its judgement on Friday in a 700-page ruling against PakÂistan in the Reko Diq case.The ICSID awarded a $4.08 billion penalty and $1.87 billion in interest. The management of the Tethyan Copper Company (TCC) had claimed $11.43 billion in damages. The company had filed claims for international arbitration before the ICSID in 2012 after the Balochistan government rejected a leasing request from the company.The TCC lodged the case against Pakistan on January 12, 2012, and the ICSID constituted the tribunal on July 12, 2012.The Reko Diq mine is famous because of its vast gold and copper reserves and is believed to have the world's fifth largest gold deposit, according the media report. Reko Diq, which means sandy peak in the Balochi language, is a small town in Chagai district in BalochisÂtan. It is located in a desert area, 70km north-west of Naukundi, close to the border with Iran and AfghaÂnistan. The area is located in the Tethyan belt that stretÂches all the way from Turkey and Iran into Pakistan.