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.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.