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International Arbitration Court Imposes $5.97 Billion Penalty on Cash-strapped Pakistan


The Tethyan Copper Company had filed claims for international arbitration before the World Bank's International Centre for Settlement of Investment Disputes in 2012 after the Balochistan government rejected a leasing request from the company.

Islamabad: In a jolt to cash-strapped Pakistan, an international arbitration court has imposed a whopping USD 5.976 billion penalty — one of the biggest in its history — on Islamabad for the unlawful denial of a mining lease to a company for the Reko Diq project in 2011.

The Tethyan Copper Company (TCC), a joint venture between Chilean mining company Antofagasta and Canada's Barrick Gold ...


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