INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES (ICSID)

July 15, 2019

An international arbitration court has imposed a penalty of over 5 billion dollars on Pakistan for unlawful denial of a mining lease to a company for the Reko Diq project in 2011.

About:

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

  • The company had claimed 11.43 billion dollars in damages. The case between the Pakistan government and the company continued for seven years.

  • The Reko Diq mine in Balochistan province of Pakistan is famous for its vast gold and copper reserves.