World Bank court orders Pakistan to pay $5.8 billion damages to Tethyan Copper

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This is a file photo of the site of the gold and copper mine exploration project of Tethyan Copper Company (TCC) in Reko Diq, in Balochistan, Pakistan. (Photo Courtesy - TCC)
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Empty trailers for housing workers at the site of the gold and copper mine exploration project of Tethyan Copper Company (TCC) are seen in this undated photo in Reko Diq, in Balochistan, Pakistan. (REUTERS)
Updated 14 July 2019

World Bank court orders Pakistan to pay $5.8 billion damages to Tethyan Copper

  • Tethyan discovered vast mineral wealth more than a decade ago in Reko Diq in southwestern Balochistan province
  • Company says had invested over $220 million when Pakistan government unexpectedly refused to grant them the mining lease in 2011

SANTIAGO: A World Bank arbitration court has ordered the Pakistani government pay damages of $5.8 billion to Tethyan Copper, a joint venture between Chile’s Antofagasta Plc and Canada’s Barrick Gold, the Chilean miner said late on Friday.
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. The deposit was set to rank among the world’s biggest untapped copper and gold mines.
The company said it had invested more than $220 million by the time Pakistan’s government, in 2011, unexpectedly refused to grant them the mining lease needed to keep operating.
The World Bank’s International Center for Settlement of Investment Disputes (ICSID) ruled against Pakistan in 2017, but until now had yet to determine the damages owed to Tethyan.
Tethyan board chair William Hayes said in a statement the company was still “willing to strike a deal with Pakistan,” but added that “it would continue protecting its commercial and legal interests until the dispute was over.”
The Reko Diq mine has become a test case for Prime Minister Imran Khan’s ability to attract serious foreign investment to Pakistan as it struggles to stave off an economic crisis that has forced it to seek an International Monetary Fund bailout.


Pakistan army denies reports of joint border patrols with Iran

Updated 09 December 2019

Pakistan army denies reports of joint border patrols with Iran

  • Patrolling operations on respective sides are conducted by respective forces, military spokesman says
  • Last month, army chief visited Tehran for security talks

ISLAMABAD: Pakistan army spokesperson on Monday rejected media reports suggesting that Pakistani and Iranian security forces conducted joint border patrolling.
“News published by Dawn today ('Pak-Iran Forces jointly conduct border patrolling') is factually incorrect,” Director-General Inter-Services Public Relations (ISPR), Maj. Gen. Asif Ghafoor, said in a tweet.
He added that “there is no joint patrolling anywhere on Pakistani borders” as “patrolling operations if required are always on respective sides by respective forces through coordination.”

The English-language daily reported earlier on the day that Pakistan and Iran had conducted another joint patrol on the border near Taftan town in Chagai district, Balochistan.
Soon after Ghafoor's comment, Dawn's editor Zaffar Abbas clarified that “the confusion was caused by the official news agency APP, as the picture caption said ‘joint patrolling.’ Radio Pak also tweeted the same. But we will be carrying out correction in light of your statement.”

Border security has long been a major cause of distrust in Pakistan-Iran relations. 
In April, Iranian President Hassan Rouhani announced that the two countries would form a joint quick-reaction force to combat militant activity on their shared border, following a deadly attack on Pakistani security personnel on the coastal highway in southwestern Balochistan, where 14 soldiers lost their lives.
On Nov. 18, Pakistan army chief General Qamar Javed Bajwa visited Tehran for security talks with Iran's political leadership and military leadership.
In May this year, Pakistan began the fencing of certain areas along the 950-kilometer border it shares with Iran.