SANTIAGO: A World Bank arbitration court has ordered the Pakistani government pay damages of $5.8 billion to Tethyan Copper, a joint venture between Chile’s Antofagasta Plc and Canada’s Barrick Gold, the Chilean miner said late on Friday.
Tethyan Copper discovered vast mineral wealth more than a decade ago in Reko Diq, at the foot of an extinct volcano near Pakistan’s frontier with Iran and Afghanistan. The deposit was set to rank among the world’s biggest untapped copper and gold mines.
The company said it had invested more than $220 million by the time Pakistan’s government, in 2011, unexpectedly refused to grant them the mining lease needed to keep operating.
The World Bank’s International Center for Settlement of Investment Disputes (ICSID) ruled against Pakistan in 2017, but until now had yet to determine the damages owed to Tethyan.
Tethyan board chair William Hayes said in a statement the company was still “willing to strike a deal with Pakistan,” but added that “it would continue protecting its commercial and legal interests until the dispute was over.”
The Reko Diq mine has become a test case for Prime Minister Imran Khan’s ability to attract serious foreign investment to Pakistan as it struggles to stave off an economic crisis that has forced it to seek an International Monetary Fund bailout.
World Bank court orders Pakistan to pay $5.8 billion damages to Tethyan Copper
World Bank court orders Pakistan to pay $5.8 billion damages to Tethyan Copper
- Tethyan discovered vast mineral wealth more than a decade ago in Reko Diq in southwestern Balochistan province
- Company says had invested over $220 million when Pakistan government unexpectedly refused to grant them the mining lease in 2011
Top Pakistani clerics warn government against sending troops to Gaza to disarm Hamas
- Pakistani clerics raise alarm over reports of pressure on Muslim nations to provide troops for Gaza stabilization force under Trump peace plan
- Islamabad has previously said that it is willing to join the international stabilization force but ‘not ready’ to play any role in disarming Hamas
ISLAMABAD: A group of Pakistan’s top religious and political leaders on Monday warned the government against sending Pakistani troops to Gaza to disarm Palestinian group Hamas, amid discussions over a proposed International Stabilization Force (ISF) for the Palestinian territory.
The representative gathering, chaired by prominent scholar Mufti Taqi Usmani, brought together leaders from Deobandi, Barelvi, Ahl-e-Hadees and Shia schools of thought, alongside leaders of the country’s main religio-political parties, Jamiat Ulema-e-Islam-Fazl (JUI-F) and Jamaat-e-Islami (JI).
The international stabilization force, which is to be composed of troops from Muslim countries, is the cornerstone of President Donald Trump’s peace plan for Gaza announced in Sept. Islamabad has previously said it is willing to join the ISF but “not ready” to play any role in disarming Hamas. Hamas’s Gaza chief Khalil Al-Hayya said this month the group had a “legitimate right” to hold weapons, while Israel has repeatedly insisted that Hamas be disarmed.
In a joint statement issued after the meeting in the port city of Karachi on Monday, Pakistani clerics raised alarm over reports that international pressure is mounting on Muslim-majority nations to provide troops for the transitional security force in Gaza, following Israel-Hamas ceasefire.
“In such circumstances, demands are being made to Muslim countries that they send their forces there to disarm Hamas,” the statement said. “Several Muslim governments have already refused this, and pressure is being increased on Pakistan.”
Last month, the United Nations Security Council approved Washington’s plan, which called for a yet-to-be-established Board of Peace as a transitional authority that Trump would head, and the stabilization force, which would be empowered to oversee borders, provide security and demilitarize the territory.
The gathering of Pakistani clerics urged Islamabad to resist any diplomatic overtures from Washington regarding troop deployment.
“This gathering, with full emphasis, demands the Government of Pakistan refrain from sending its forces to disarm Hamas and that it should not yield to any pressure in this regard,” the statement said.
The assembly expressed complete support for the liberation of Palestine and described the effort as a “duty of every Muslim.”
It said that Pakistan’s armed forces are “imbued with the spirit of jihad” and that the “notion of placing them against any sacred struggle for the liberation of Baitul Muqaddas or Palestine is impossible for the nation to accept.”
The religious leaders characterized the proposal as a “conspiracy” from which the government must “protect the country.”
Pakistani foreign office spokesperson Tahir Andrabi and the prime minister’s spokesperson for foreign media, Mosharraf Zaidi, did not respond to Arab News requests for comment on the statement.
Washington reportedly views Pakistan as a prime candidate for the ISF, given its experience in high-intensity border conflicts and internal counter-insurgency operations.
Last week, Pakistan’s foreign office said that Islamabad had not taken any decision on joining the proposed stabilization force for Gaza and had received no formal request from the US or any other country in this regard.
“I am not aware of any specific request made to Pakistan. We will inform you about any development if it takes place,” Andrabi told reporters.
He also sought to distance the government from rumors of a pending visit by Pakistan’s defense forces chief, Field Marshal Asim Munir, to the US to meet President Trump.
