World Bank Court Orders🇵🇰 Pak To Pay $6 Billion💸 To Foreign Firm Over Mine Closure

  |   World News / India News

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.

Know more -

📲 Get World News on Whatsapp 💬