International Court of Arbitration has imposed a penalty of over $5 billion on Pakistan

International Court of Arbitration has imposed a penalty of over $5 billion on Pakistan as it unlawfully denied a mining lease to a company called Tethyan Copper Company for Reko Diq project in 2011.
Arjun Manjunadha

Updated: Jul 17, 2019 11:51:51 am

International Court of Arbitration has imposed a penalty of over $5 billion on Pakistan

17 July 2019 Current Affairs:International Court of Arbitration has imposed a penalty of over $5 billion on Pakistan as it unlawfully denied a mining lease to a company called Tethyan Copper Company for Reko Diq project in 2011. This penalty is one of the biggest in the history of cash-strapped Pakistan.

Tethyan and Pakistan issue:
In 2012, Tethyan Copper Company (TCC) filed claims for international arbitration to the International Centre for Settlement of Investment Disputes (ICSID) of World Bank after the Pakistan government rejected a leasing request from company in 2011.
TTC, a joint venture between Chilean mining company Antofagasta and Canada’s Barrick Gold Corporation, claimed $11.43 billion in damages caused by the Pakistan government. The case between Pakistan government and company continued for 7 years.
Earlier in August 2010, TCC established basis for mine development at Reko Diq. It submitted  a mining lease application in February 2011 which was rejected by the Pakistan government in November and the project was stopped.

Reko Diq mine:
Reko Diq mine, which is famous for its vast gold and copper reserves, is located near Reko Diq town in Chagai District, Pakistan. It is the world’s 5th largest gold deposit.

International Centre for Settlement of Investment Disputes (ICSID):
ICSID was established in 1966. It is headquartered in Washington, D.C., United States. ICSID arbitrates for legal dispute resolution and conciliation between international investors.

International Court of Arbitration:
The International Arbitration Court is an institute that arbitrates international commercial disputes. It is a part of the International Chamber of Commerce (ICC). ICC headquarters is in Paris, France. The court consists of  more than 100 members from about 90 countries. 
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