ISLAMABAD – PTI government scrambles to save country from $6 billioneconomic blow over the Rekodik Mines.
Adviser to Prime Minister on Finance Dr Abdul Hafeez Sheikh to hold anurgent meeting with Reko Diq board to explore the possibility of an out ofcourt settlement.
Sources in the finance ministry said that as per tentative schedule, DrSheikh would be leaving for London on October 14 and is scheduled to hold ameeting with Reko Diq board on October 15. Attorney General of Pakistan(AGP) would also be accompanying the adviser on finance, the spokesmanadded.
Dr Sheikh would then leave for Washington to attend the annual autumnmeeting of the International Monetary Fund (IMF) and World Bank (WB).
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On July 13, 2019, International Center for Settlement of InvestmentDisputes announced judgment regarding $5.976 billion (Rs 944.21 billion)award against Pakistan in the Reko Diq case. The ICSID awarded.(i) $4.08billion penalty and; (ii) $1.87 billion interest to Tethyan Copper Company(TCC), a joint venture between Chile ‘s Antofagasta Plc and Canada ‘sBarrick Gold, the Chilean miner.
In 2012, TCC filed claims for international arbitration before the ICSIDof the WB after the Balochistan government turned down a leasing requestfrom the company. The litigation continued for seven years.
