Good news for Pakistan comes as the World Bank’s International Center for Settlement of Investment Disputes (ICSID) has granted a stay in the Reko Diq case. The Reko Diq case roared into mainstream news when a truly enormous penalty of some 6 billion dollars was imposed on Pakistan for breaking its investment treaty with Australia. The lease was given to Tethyan Copper Company TCC, a 50-50 joint venture of Barrick Gold Corporation of Australia and Antofagasta PLC of Chile but Pakistan argued that the lease was given by corrupt officials.
CPEC chairman Asim Bajwa termed it to be a great relief and added “Prime Minister Imran Khan fully supports the government of Balochistan to develop the mining sector. The reforms in the sector will increase foreign investment and human resources.” Reko Diq is a small desert town all the way to the Chagai district of Balochistan which hoards great copper and gold reserves. The present administration considers it to be a national strategic asset of great value.
The stay has been termed a great success by the Pakistani attorney general office in a statement released this Thursday. We will have to wait until may 2021 to hear a final verdict on the matter.