On Sunday, Tethyan Copper Company (TCC) said it’s willing to discuss the potential for a negotiated settlement with Pakistan over an almost $6 billion damages case decided in its favour.
On Friday, an arbitration tribunal of the World Bank’s International Center for Settlement of Investment Disputes (ICSID) awarded approximately $5.9bn in damages to TCC in arbitration claims it filed against Pakistan following the denial of a mining lease for the Reko Diq project in Pakistan in 2011.
TCC is one of the world’s mining giants, its joint venture held equally by the Antofagasta plc and Barrick Gold Corporation.
Damages include compensation of $4.087bn by reference to the fair market value of the Reko Diq project at the time of the mining lease denial, and interest award of $1.753bn. The tribunal also awarded TCC just under $62 million in costs incurred in enforcing its rights.
“We are pleased to reach this milestone after more than seven years of arbitration,” Ivan Arriagada, chief executive officer of Antofagasta plc, said in a statement.
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17 November, 2019