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Pay $5.8b damages to Tethyan Copper, international court tells Pakistan

Mining company approached the World Bank court in 2012

SAMAA | - Posted: Jul 13, 2019 | Last Updated: 2 years ago
Posted: Jul 13, 2019 | Last Updated: 2 years ago

Photo: AFP

The International Centre for Settlement of Investment Disputes, a World Bank arbitration court, has ordered the Pakistani government to pay $5.8 billion in damages to Tethyan Copper, Reuters reported Saturday.

The company had approached the World Bank’s arbitration court in 2012 after the Balochistan government declined its lease request.

Pakistan’s Supreme Court had terminated the deal in 2013.

The mining company said that it had invested over $220 milion on Reko Diq.

The company is still “willing to strike a deal with Pakistan,” Tethyan board chair William Hayes said in a statement. But added that “it would continue protecting its commercial and legal interests until the dispute was over.”

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Reko Diq, Pakistan, World Bank, Tethyan Copper

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