The World Bank's International Centre for Settlement of Investment Disputes has awarded $5.84 billion in damages to Tethyan Copper Co Pty Ltd (TCC), Antofagasta said on Monday July 15.
The award was granted to the equally-held joint venture between Antofagasta and Barrick Gold Corp for arbitration claims filed against Pakistan following the denial of a mining lease for the Reko Diq project in Pakistan in 2011. Prior to denial of the mining lease application, TCC had completed a feasibility study showing that Reko Diq is one of the world's...