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

[Kabira]

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

 

[Kabira]

I'd say hand over mines to Tethyan if they agree. Balochistan government would never be able to pay that amount ever.

 

[zulu]

@Reddington

 

[waz]

I hope there is an amicable solution. The amount is massive and will hurt. The development of the mine should go ahead with the necessary checks.

 

[war&peace]

I hope there is an amicable solution. The amount is massive and will hurt. The development of the mine should go ahead with the necessary checks.

But the traitors should be punished with minimum of Saudi style beheading.

 

[waz]

But the traitors should be punished with minimum of Saudi style beheading.

Lock them away in a cell in the Thar desert and let them rot.

 

[Adam_Khan]

Quite a lot of ppl in Pakistan were clapping hands when Iftikhar Choudhry made this decision and cancelled the privatisation of Pakistan steel mills,both the decisions have came to bite us hard.

 

[war&peace]

Lock them away in a cell in the Thar desert and let them rot.

Believe me, beheading is the best for these parasites.

 

[Itachi]

Quite a lot of ppl in Pakistan were clapping hands when Iftikhar Choudhry made this decision and cancelled the privatisation of Pakistan steel mills,both the decisions have came to bite us hard.

Privatization only leads to outsiders controlling companies of your country. You want zionists and their shills controlling Pakistani companies?

 

[insight-out]

Quite a lot of ppl in Pakistan were clapping hands when Iftikhar Choudhry made this decision and cancelled the privatisation of Pakistan steel mills,both the decisions have came to bite us hard.

People were applauding because they did not know the details of the agreement and potential costs of canceling it. As someone with access to all the contract details, and as a supposed legal expert, his decision was highly irresponsible.

 

[Path-Finder]

for crying out aloud, try to setup your own mining industry. why are you giving nations assets for peanuts.

 

[insight-out]

I hope there is an amicable solution. The amount is massive and will hurt. The development of the mine should go ahead with the necessary checks.

What kind of an “amicable” negotiated settlement, or necessary checks do you expect with a 6 billion gun to your head?

 

[war&peace]

Quite a lot of ppl in Pakistan were clapping hands when Iftikhar Choudhry made this decision and cancelled the privatisation of Pakistan steel mills,both the decisions have came to bite us hard.

I was kind of apolitical back then.

 

[Zee-shaun]

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.

 

[ARMalik]

You fellows are so simplistic! It is a classic good cop, bad cop technique by the jewish blood sucking leeches who want to steal this wealth. What is the potential of Reko? Some estimates about $500 Billion of Gold.

Think about the barbarism here - these mines belong to the People of Pakistan. And yet they cannot extract mineral wealth from these mines and cannot even decide who has the legal right to do this just because a FOREIGN Entity sitting thousands of miles away decides the fate of a mine located in a so called sovereign country!

Anyone sitting in the corridors of Power in Pakistan including the Military should be shamed of themselves for allowing such horrendous act to take place.

And this reconfirms my personal belief that this country is in total control of a vicious mafia who steals the wealth of this country whenever it likes, and keeps the people of this country slaves.