ISLAMABAD – A significant development has been made in the Reko Diq case.The International Center of Settlement of Investment Disputes (ICSID) hadslapped the country with a $6 billion penalty for revoking the contractwithout prior knowledge back in 2009.
Soon after the development, the Prime Minister had empowered his financialteam to contact the executives of the Tethyan Copper Company (TCC) to reachan out-of-court settlement and avoid the penalty.
Reportedly, after the Pakistan authority’s approach, the company has notonly agreed to take back the penalty but has also agreed to invest in theproject again.
As per media reports, PM Imran Khan contacted the TCC management anddiscussed the prospects of the matter. He assured the company his fullsupport if they wanted to revise the investment plan for the project.
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The company will reportedly withdraw its appeal from the ICSID, whilePakistan will compensate for their damages due to the cancelation of thecontract.
“The company is planning an aggressive future investment in Pakistan, asthey think that the country has great potential for copper and gold. Theyare interested in starting from where they left,” a renowned TV anchor saidon Thursday.
