Pakistan in talks with Tethyan Copper to resolve $5.8 billion dispute - sources
By Asif Shahzad ISLAMABAD (Reuters) - Pakistan is in talks with Tethyan Copper to settle a $5.8 billion dispute around the Reko Diq copper project, two senior Pakistani officials told Reuters on Thursday.
By Asif Shahzad
ISLAMABAD (Reuters) - Pakistan is in talks with Tethyan Copper to settle a $5.8 billion dispute around the Reko Diq copper project, two senior Pakistani officials told Reuters on Thursday.
The World Bank's International Centre for Settlement of Investment Disputes (ICSID) last year ordered Pakistan to pay damages of $5.84 billion to Tethyan Copper - a joint venture between Chile's Antofagasta and Canada's Barrick Gold - for blocking Tethyan from developing the asset after it had already sunk more than $220 million into the project.
"We have been engaged in negotiations with parties involved in the Reko Diq dispute," said an official who is part of the team handling negotiations, declining to provide further detail.
A second official said the parties have been in talks for an extended period since Tethyan last year expressed willingness to explore a negotiated settlement.
The sources asked to remain anonymous because they were not authorised to discuss the matter with the media.
Barrick Gold declined to comment.
Law360, a legal news service, this week reported that Tethyan had been given the go-ahead by ICSID to collect half of the arbitration award.
Having to pay out the award would wipe out nearly half of Pakistan's foreign exchange reserves as the country contends with the pandemic-driven economic crisis.
Reko Diq, located in Pakistan's southwestern province of Balochistan, is one of the world's biggest untappped copper and gold deposits. Development of the asset has been stalled for nearly a decade by the long-running dispute.
(Reporting by Asif Shahzad; Editing by Euan Rocha and David Goodman)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
By Gustavo Palencia and Ismael Lopez TEGUCIGALPA (Reuters) - Hurricane Iota began whipping a remote coastal area of Nicaragua with catastrophic winds, storm surges and rain on Monday evening, as the region's leaders blamed climate change for destruction that is pushing millions closer to hunger. Iota was due to crash through northeastern Nicaragua's Miskito region overnight, packing maximum sustained winds of 160 miles (260 km) per hour, having reached Category 5 on the Saffir-Simpson scale, the U.S
SAQQARA, Egypt (Reuters) - Egypt on Saturday showcased more than 100 coffins dating back 2,500 years, the latest and largest find this year in the vast burial ground of the Saqqara Necropolis. The 26th Dynasty coffins - sealed, finely painted and well-preserved - were of a higher quality than previous finds there, said the secretary-general of the supreme council of antiquities, Mostafa Waziri, suggesting they belonged to higher ranking families.
KYIV (Reuters) - Ukrainian Health Minister Maksym Stepanov said on Saturday he had tested positive for COVID-19, shortly after announcing the country had posted a record number of new cases in a single day. "This is a war, every day the virus takes the lives of Ukrainians," Stepanov told a televised briefing at which he said 12,524 new cases had been registered in the previous 24 hours, up from the record of 11,787 a day earlier