Pakistan will have to pay almost $6 billion in damages to a foreign gold mining firm whose dig was shut down by the government in 2011, the World Bank said Sunday.
The consortium Tethyan Copper company -- of which Canadian gold firm Barrick and Chile's Antofagasta Minerals control 37.5 percent each -- is the largest Foreign Direct Investment mining project in the country.
More than a decade ago the group found vast gold and copper deposits at Reko Diq, in the turbulent southwestern Baluchistan province, and had planned a hugely lucrative open-pit mine.
But the project came to a standstill in 2011 after the local government refused to renew the consortium's lease, and in 2013 Pakistan's top court declared it invalid.
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