Pakistan welcomes venture’s willingness for negotiated settlement after Reko Diq mine ruling

[ziaulislam]

ISLAMABAD: Pakistan said on Sunday it welcomed a statement by Tethyan Copper expressing willingness for a negotiated settlement after a World Bank tribunal ordered the government to pay $5.8 billion in damages in a dispute over the Reko Diq copper mine.

The statement from the attorney general’s office came after a World Bank arbitration court ruled in favour of Tethyan Copper, a joint venture between Chile’s Antofagasta Plc and Canada’s Barrick Gold, in a dispute over a lease to the mine, located in a remote area of southwestern Pakistan.

The government, which earlier this month signed a $6 billion bailout agreement with the International Monetary Fund, said it had taken note of a statement from Tethyan Copper’s chairman expressing willingness to seek a negotiated settlement.

“The Government of Pakistan welcomes this approach to work towards a mutually beneficial solution that works for both sides,” it said.

However, it said that together with the provincial government of Balochistan, it was still studying the decision by the World Bank’s International Centre for Settlement of Investment Disputes (ICSID). The ICSID ruled against Pakistan in 2017, but had not determined damages owed to Tethyan until now.

Tethyan Copper discovered vast mineral wealth more than a decade ago in Reko Diq, at the foot of an extinct volcano near Pakistan’s frontier with Iran and Afghanistan.



Copyright Reuters, 2019

They will always negotiate legitation is simply a tactics as they don't hope Pakistan paying even a penny of those damages

There were problems with these agreements as far as its in my knowledge.

1. First the government that awarded the exploration rights underestimated the amount and worth of minerals here.
2. The second problem is that the company was only mining here and for further processing the minerals were shipped. So technically if the company stole some amount or percentage no body will know.There was suspicion.And its true we would have been receiving peanuts.
3. There were also some legal complications and loopholes in pakistani mineral exploration policy which also lead to further complicate this case.
4. The true worth of copper and gold only came up in 2012 when samar mubarakmand stated in court that the total worth of the reserves is approx 131 Billion USD and i guess thats why the agreement was suspended.

The pitty is that we cannot even mine our minerals let alone processing.

Sammar created the amount from his behind
Only 1 block was auctioned when there is far more blocks there
Pakistan had multiple issues with refining cooper and that required additional investment

 

[Gorgin Khan]

No we definitely have the technical skills to atleast enter into joint ventures with foreign companies. Why is Engro able to mine and process Thar coal? The fact is corrupt politicians probably gave this company the contract because they were receiving kickbacks, keep in mind this company isn't even a big name in the field of mining.

No we are mostly doing traditional mining where we loose approx 80 percent in marble sector alone. The same goes for every other mining activity going on in pakistan. When it comes to the technology and expertise for mining and extracting precious minerals. We have nothing . If not we would neither have given this company the exploration rights nor the mining rights.There is a big difference between mining coal and mining copper and gold, dont want to get into details. Engro has not been able to mine even that coal on its own, infact there is a huge chinese technological and human input From designing of pits to lignite excavation.The power plants for electricity generation is also imported. So what technology and skills you are talking about i am not sure.

As far the joint ventures are concerned, yes if someone is willing to share their expertise and technologies why not (as in case of Thar). But i dont think anbody is willing in case of copper and Gold. Secondly the technology itself is very expensive.

They will always negotiate legitation is simply a tactics as they don't hope Pakistan paying even a penny of those damages


Sammar created the amount from his behind
Only 1 block was auctioned when there is far more blocks there
Pakistan had multiple issues with refining cooper and that required additional investment

If we knew the exact figures from the beginning, the agreement wouldn't have been signed in first place.There was a mistake which we regretted later. So we leave that to time and experts. Secondly even if 1 block was auctioned, 131 billion is not a small sum of money. I am sure there was good bit of suspicion or certainty that the company is stealing.

 

[Kabira]

They will always negotiate legitation is simply a tactics as they don't hope Pakistan paying even a penny of those damages

Its even worse. Balochistan government have to pay penalty. They already have paid Rs3 billion for case related fees.

 

[valkyr_96]

Settlement is the only pragmatic solution as both parties know that Pakistan is not in the position to pay the penalty but she has a tremendous potential for mining and even a giant like Tethyan can not overlook it.
Let them build the infrastructure and take out the first $5 billion in revenue and negotiate a JV that is mutually acceptable to both parties according to international standards.

Hang Chowdhry and co. My father tolfd me that at one time his son was interrested in leading the contract but he made to back off.

lol TCC is not a giant it is a shell company backed by Barrick Gold and Antofagasta. They have covered there bases if the case was opposite TCC would simply vanish and there would be no payment.

Its even worse. Balochistan government have to pay penalty. They already have paid Rs3 billion for case related fees.

Rupees do not matter (printed by GoP)....the fees is in dollar (we do not print) that the GoP pays.

If we knew the exact figures from the beginning, the agreement wouldn't have been signed in first place.There was a mistake which we regretted later. So we leave that to time and experts. Secondly even if 1 block was auctioned, 131 billion is not a small sum of money. I am sure there was good bit of suspicion or certainty that the company is stealing.

That is incorrect....a shady deal was executed by the caretaker government. It is not about the exact size of the reserves. There was outside influence on the deal and was done by the Balochistan government outside the existing mineral development policy of Pakistan. lets be clear do not use the gold prices to value the mine because we have no stake in the end product, just the ore which would be shipped out for purification.

 

[Itachi]

Ok, aap solution batao. Ajeeb, Pakistan tabaa orr barbad hojai, likin privitize nahi karna loss making entities. Paglai log.

You privatize. Pressure lifted off govt. Company profits, it expands == more jobs == more research == more gdp growth == more government revenue.

Communism is gone and long gone.

Same result can be achieved without privatization. Guess you can't figure that one out.

Like I have said before, of the top 5 companies in the world with the amount of revenue earned, 3 areChinese state owned ones. They're also the ones with the highest revenue growth.

You can even check the sources to see if it's true or false if you don't like Wikipedia.

 

[Clutch]

Pakistan should learn to negotiate in the interests of the country rather than the bank accounts of politicians and bureaucrats.
Whichever way you look at it our destiny is in our own hands.

Its not the fact that pakistan doesn't know how to negotiate... Its that the corrupt rulers sell pakistan to the lowest bidder and highest bribery... Because they all live in London.. their turd kids live in london, their stolen dream homes are built in london.

Pakistani suffer... Then you have DALITs who keep personality worshiping them because they throw crumbs at them.

 

[Lincoln]

Same result can be achieved without privatization. Guess you can't figure that one out.

Like I have said before, of the top 5 companies in the world with the amount of revenue earned, 3 areChinese state owned ones. They're also the ones with the highest revenue growth.

View attachment 569384

You can even check the sources to see if it's true or false if you don't like Wikipedia.

Wapsi udhr ponch gai.

You will never understand. Maybe understand it from eve politics, u will get it better

 

[Gorgin Khan]

lol TCC is not a giant it is a shell company backed by Barrick Gold and Antofagasta. They have covered there bases if the case was opposite TCC would simply vanish and there would be no payment.

Rupees do not matter (printed by GoP)....the fees is in dollar (we do not print) that the GoP pays.

That is incorrect....a shady deal was executed by the caretaker government. It is not about the exact size of the reserves. There was outside influence on the deal and was done by the Balochistan government outside the existing mineral development policy of Pakistan. lets be clear do not use the gold prices to value the mine because we have no stake in the end product, just the ore which would be shipped out for purification.

About the nature of agreement call it shady after being dismissed by SCP. And the shadiness is related to size estimated , size extracted and its value. As you agree that we are dealing with raw ore, the value at best would be estimated for raw ore or exact value determined after the purification. And thats where the company was stealing.

We cannot blame anyone because our whole system allowed it.

 

[Sine Nomine]

Put some danda on them and they're come back to life.

They are beyond that stage,corruption has already opened their every hole.

 

[Goku]

First of all Pakistan should end the dual citizenship policy cz this keeps Elite on ease thinking that they can run away whenever required

 

[ziaulislam]

Its even worse. Balochistan government have to pay penalty. They already have paid Rs3 billion for case related fees.

they only paid for lawyer fees..you arent forced to pay litigation fees, its not binding..however it will hurt Pakistan as WB is granter in this case

Its not the fact that pakistan doesn't know how to negotiate... Its that the corrupt rulers sell pakistan to the lowest bidder and highest bribery... Because they all live in London.. their turd kids live in london, their stolen dream homes are built in london.

Pakistani suffer... Then you have DALITs who keep personality worshiping them because they throw crumbs at them.

the reason why PPPP and PML N can do what they are doing is peoples love for them..this should be clear to everyone

 

[Clutch]

the reason why PPPP and PML N can do what they are doing is peoples love for them..this should be clear to everyone

Bird of a feather flock together...

The non-corrupt despise them... PeePeePee, the Jahil_JAmmatIslami, and the PML-Nutcases

 

[Itachi]

Wapsi udhr ponch gai.

You will never understand. Maybe understand it from eve politics, u will get it better

I understand it from all sides. Real and fictitious.

What you lack is proper relaying of what you're trying to say, especially in the above 2 sentences. Come out in the open and speak up, no need to hide behind small talk.

 

[nahtanbob]

getting a judgement is one thing. getting the other side to pony up the money is another

 

[shahbaz baig]

@Kabira