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.
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