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WB Tribunal says Pakistan had violated provisions of treaty: Reko Diq

KARACHI: World Bank Tribunal has ruled against the Islamic Republic of Pakistan while disposing the arbitration claim that has been submitted by TCC.
The said arbitration claim has been submitted in 2012 by the Tethyan Copper Company Pvt Ltd. – an  Antofagasta & Australia’s Barrick Gold Corporation’s joint venture.
According to details Pakistan’s denial (of a mining lease for the Reko Diq project in 2011) to Chilean mining company Antofagasta plc has been declared unlawful by the Tribunal..
World Bank’s International Center for Settlement of Investment Disputes (ICSID) has rejected on Monday (20 March) Pakistan’s final defense against liability.
ICSID had confirmed that Pakistan had violated several provisions of its bilateral investment treaty with Australia where TCC is incorporated.

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M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.