TFIGlobal
TFIGlobal
TFIPOST English
TFIPOST हिन्दी
No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIGlobal
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
No Result
View All Result
TFIGlobal
TFIGlobal
No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean

Pakistan fined 6 billion dollars in the Reko Diq case

Amit Agrahari by Amit Agrahari
July 14, 2019
in Geopolitics, Indian Subcontinent
Pakistan fined 6 billion dollars in the Reko Diq case

(PC: Youth Ki Awaz)

Share on FacebookShare on X

The Reko Diq Mine in Reko Diq town has become a test case for Pakistan on its commitment to abide by International law and norms of global organizations. In the latest development in the case, International Centre for Settlement of Investment Disputes (ICSID) which happens to be one of the five organizations of World Bank Group has slapped 5.976 billion dollars fine on Pakistan with 4.08 billion dollars in penalty and 1.87 billion dollars in interest.

The amount of penalty charged on the debt-ridden country is equal to the International Monetary Fund’s bailout package. The International tribunal rendered its judgment on Friday which is an auspicious day in the Islamic country but the ruling by the court is obviously not favorable for the country.

Also Read

Balochistan’s Endless Ordeal: The Tragic Story of Zeeshan Zaheer and the Shadow of Enforced Disappearances

Microsoft exits Pakistan: Will China Step in?

Pakistan developing intercontinental nuclear missiles that can reach the US: Reports

Tethyan Copper Company (TCC) which is a joint venture between Chile’s Antofagasta Plc (ANTO.L) and Canada’s Barrick Gold (ABX.TO), the Chilean miner discovered a deposit of gold and mineral wealth in Chagai District on the border of Afghanistan, Iran and Pakistan.

The deposit discovered a decade ago was among the world’s biggest copper and gold deposits. The first excavation in the Reko Diq region yielded 200kg of gold and 1,700 tonnes of copper. Ore reserve of more than 5.9 billion tonnes was estimated and this sent a warning signal to the government of Pakistan that it made a bad deal.

TCC had invested 220 million dollars by 2011 when the Pakistani government banned all subsequent mining activities and refused to grant the mining lease.  The International Court ruled against Pakistan in 2017 but the compensation was decided on Friday.

Previously, TCC lost the case in Pakistani Supreme Court in 2013 when the Reko Diq agreement was declared void by the apex court of the Islamic country. As per a report by Pakistani English daily Dawn, “Klaus Sachs of Germany headed the tribunal while Stanimir A. Alexandrov of Bulgaria represented the claimants and Leonard Hof­fmann of United Kingdom represented Pakistan.”’

Some other players involved or want a stake in exploitation of Reko Diq mine are China, Saudi Arabia, and Pakistani armed forces.

(PC: Dawn)

According to satellite imagery published by ThePrint, Chinese state-owned companies are exploiting the region with the tacit approval of Pakistan. In the early 1990s, Pakistan asked M-9 and M-11 missiles which China delivered in 1993. In return, Chinese state-owned Metallurgical Corporation of China (MCC) got the resource-rich Chagai region on a 20-year lease. The company found gold and copper deposits in two places named Sandak and Reko Diq. According to analysts, the deal is very shady and grants tacit approval to carry out illegal mining activities in the region.

The former finance minister of Pakistan Asad Umar said that the officials and investors from Saudi Arabia enquired about investment in Reko Diq mines. Another official confirmed the ongoing talks with the Saudi government over investment in the area.

In March this year, Reuters reported that the Pakistani military has shown a keen interest in developing the copper and gold mine. “Pakistan’s military is taking a key role in the development of one of the world’s biggest untapped copper and gold deposits, which is currently stalled by a multi-billion dollar legal wrangle with foreign mining firms,” said the report by Reuters.

The Reko Diq mine has become a major bone of contention between Pakistani establishment and global investors who want their rights to be protected. If Pakistan does not abide by court rulings, the global investors who pulled billions of dollars in the last few months could get further alienated. This would further hurt the already debt-ridden economy of Pakistan.  

Tags: PakistanReko DiqWorld Bank
Share721TweetSend
Amit Agrahari

Amit Agrahari

Engineering grad but Humanities and social sciences are my forte. Avid reader of religious Scriptures (Especially Hindu), Lord Shiva devotee

Also Read

4 Chinese Nationals Arrested for Spying on Rafale Jets in Greece

4 Chinese Nationals Arrested for Spying on Rafale Jets in Greece

July 10, 2025
China’s Bohai Sea Monster: Ekranoplan Resurfaces Cold War Tech with Modern Power

China Unveils ‘Bohai Sea Monster’: Jet-Powered Flying Ship Stuns Military Analysts

July 10, 2025
Lula Urges BRICS to Retaliate After Trump’s 50% Tariff Threat

Will Brazil and BRICS Hit Back After Trump’s 50% Tariff Threat over what he called witch hunt” against ex-President Jair Bolsonaro?

July 10, 2025
Trump threatens Beijing with military force over Taiwan, while Xi vows unstoppable reunification. Global tensions escalate amid rising U.S.-China friction

“We’ll Bomb Beijing if China ATTACKS Taiwan”-Trump; Xi Jinping Responds with Defiance

July 10, 2025
Russia Ukraine war

Why Putin Still FIGHTS? The relentless Russia-Ukraine war

July 10, 2025
EU to use Russia frozen assets to fund €100bn package to back Zelensky against Putin

EU to use Russia frozen assets to fund €100bn package to back Zelensky against Putin

July 10, 2025
Youtube Twitter Facebook
TFIGlobalTFIGlobal
Right Arm. Round the World. FAST.
  • About Us
  • Contact Us
  • TFIPOST – English
  • TFIPOST हिन्दी
  • Careers
  • Brand Partnerships
  • Terms of use
  • Privacy Policy

©2025 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIPOST English
TFIPOST हिन्दी

©2025 - TFI MEDIA PRIVATE LIMITED

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.