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Barrick agrees deal with Pakistan to waive $11 billion penalty and restart Reko Diq -Breaking


© Reuters. This illustration was taken on November 19, 2021. It shows a small toy figurine and a gold imitation standing in front the Barrick logo. REUTERS/Dado Ruvic/Illustration

KARACHI (Reuters) – A $11 billion penalty for Pakistan under a deal made with Barrick Gold (NYSE 🙂 in order to restart Reko Diq’s gold-mining project was waived, Pakistan Finance Minister Shaukat Tarni said Friday.

According to him, the deal reached with Canada’s mining firm will result in Pakistan investing $10 billion.

The World Bank arbitral court ruled Tethyan Copper (a joint venture between Chilean and Chilean entrepreneurs) in its favor. Antofagasta (LON 🙂 Plc and Canada’s Barrick Gold in dispute over lease rights to the mine located in remote southwestern Pakistan.

Tarin stated that the $11 billion award was nullified and added that “Barrick” and “its partners will invest $10 million in the mining.”

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