Canadian Manufacturing

Barrick says Tethyan Copper joint venture awarded US$5.84B in damages

The damages are related to arbitration claims filed against the Islamic Republic of Pakistan following the unlawful denial of a mining lease for the project in 2011


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TORONTO – Barrick Gold Corp. says a joint venture it holds with Chilean miner Antofagasta plc has been awarded US$5.84 billion in damages in connection with its Reko Diq project in Pakistan.

The gold miner says the World Bank International Centre for Settlement of Investment Disputes awarded the damages in connection with arbitration claims filed against the Islamic Republic of Pakistan following the unlawful denial of a mining lease for the project in 2011.

Tethyan Copper Co. Pty Ltd. is a joint venture held equally by Barrick and Antofagasta.

Damages include compensation of $4.087 billion in relation to the fair market value of the Reko Diq project at the time the mining lease was denied, plus interest.

Interest continues to apply until the award is paid.

Barrick says TCC had completed a feasibility study showing that Reko Diq is one of the world’s largest undeveloped copper and gold deposits.

News from © Canadian Press Enterprises Inc. 2019

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