Stock Groups

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

by Mike Robinson

[ad_1]

© 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.”

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this website’s data including quotes, charts, or buy/sell signal information. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]