Barrick Gold joint venture awarded $5.4-billion payout over Pakistan mining lease dispute

The World Bank has ordered Pakistan to pay a joint venture (JV) operated by Barrick Gold Corp. and Chile’s Antofagasta PLC US$5.4-billion in damages stemming from a multiyear dispute over a mining lease.

The fracas dates back to 2011 when the Balochistan province in Pakistan rejected the JV’s attempts to secure a mining lease for the Reko Diq copper-gold project. Barrick and Antofagasta appealled the decision and launched an international arbitration claim shortly after.

Barrick and Antofagasta claim they would have invested US$3.3-billion into the construction of Reko Diq in the Balochistan province of Pakistan if the project had gone ahead.

https://www.theglobeandmail.com/business/industry-news/energy-and-resources/article-barrick-gold-joint-venture-awarded-54-billion-payout-over-pakistan/