Barrick Gold, Antofagasta JV Awarded $5.84 Billion in Damages for Pakistan Project
July 15 2019 - 8:07AM
Dow Jones News
By Chris Wack
Barrick Gold Corp. (GOLD) said Monday that the World Bank
International Center for Settlement of Investment Disputes has
awarded $5.84 billion in damages to Tethyan Copper Company Pty
Ltd., a joint venture held equally by Barrick and Antofagasta PLC
(ANTO.LN), in relation to the arbitration claims filed against
Pakistan following the denial of a mining lease for the Reko Diq
project in Pakistan in 2011.
Barrick Gold said that damages include compensation of $4.087
billion in relation to the fair market value of the Reko Diq
project at the time the mining lease was denied, and interest until
the date of the award of $1.753 billion. Compound interest will
continue to be applied until the award is paid.
Barrick said that prior to denial of the mining lease
application, Tethyan Copper had completed a feasibility study
showing that Reko Diq is one of the world's largest undeveloped
copper and gold deposits, with a potential mine life of over 50
years and an estimated initial capital investment of over $3
billion.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
July 15, 2019 07:52 ET (11:52 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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