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International tribunal suspends $ 5.8 billion fine in Pakistan mining case

 


ISLAMABAD (AP) An international tribunal has granted a stay pending a final ruling on a $ 5.8 billion fine imposed on Pakistan for denying a mining lease to an Australian company, the council’s adviser said on Friday. Pakistani Prime Minister.

Pakistan had appealed the sanction imposed by the World Bank’s International Center for Settlement of Investment Disputes and said it would prevent the country from dealing with the coronavirus pandemic. The case tests Prime Minister Imran Khan’s ability to use return diplomacy to settle differences and keep alive efforts to attract more foreign investors to his impoverished country.

The fine, nearly $ 6 billion, including damages and interest, is equivalent to about 2% of Pakistan’s GDP and is equivalent to a $ 6 billion bailout the country secured from the Monetary Fund international last year. Experts have questioned the reasoning behind the huge award, which is more than double the largest similar arbitral award in a case between Dow Chemical and Kuwait Petrochemical Corp.

Saleem Bajwa, an adviser to Khan, tweeted on Friday that the court ruling was a great relief for Pakistan. The decision was also hailed as a success in a brief statement from the Attorney General’s office on Thursday evening. Islamabad and the mining company say they are willing to consider a settlement pending a final award decision, which may not be made until next year.

The sanction centered on the Pakistanis canceling the Reko Diq mining lease for Australias Tethyan Copper Corp., a 50/50 joint venture with Barrick Gold Corp. of Australia and Antofagasto PLC of Chile, to construct and operate an open pit copper-gold mine. .

The district of Reko Diq in southwest Pakistan, in the province of Balochistan, is renowned for its mineral wealth, especially in gold and copper. The Khan government sees it as a strategic national asset, especially as commodity prices are skyrocketing, with gold recently at over $ 2,000 an ounce. The government of Balochistan has since established its own company to develop the mine.

Tethyan had invested $ 220 million in Reko Diq in 2011, when Pakistan ended its mining lease. The company sought help from the court the following year and ruled against Pakistan in 2017.

The court declined to comment in response to an Associated Press request on Friday.

Paying compensation equivalent to 40% of the country’s foreign exchange reserves would have been a challenge as Pakistan struggles to revive its economy. The coronavirus pandemic has infected more than 300,000 Pakistanis of 212 million people and killed more than 6,400, as the economy contracted for the first time in decades in the fiscal year that ended. completed in June.

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