TCC
Mining firm TCC moves British Virgin Island court over enforcement of Reko Diq Award against Pakistan
Islamabad: Mining giant Tethyan Copper Company (TCC) has approached the High Court of Justice in the British Virgin Islands against Pakistan over the Reko Diq case.
The company has approached the court for the enforcement of the USD 5.97 billion award against Pakistan by the International Centre for Settlement of Investment Disputes (ICSID) in connection with the case.
The office of the Attorney General for Pakistan, however, has assured that Pakistan is vigorously contesting these proceedings using all available legal resources. The government is also engaged to settle the matter amicably, reports Dawn News.
On November 20, the company had moved the high court for the enforcement of the award which includes attachment of the assets belonging to the Pakistan International Airlines Investment Ltd (PIAIL) — a company which is also incorporated in the British Virgin Islands, the newspaper reported.
On December 16, the high court had granted a stay order ex-parte without hearing Pakistan, but the government said it will contest the case when it is taken up again on January 7, 2021, reports Dawn News.
"Without prejudice to such engagements, Pakistan has reiterated that the government will vigorously pursue proceedings initiated by the company in any jurisdiction and the government reaffirms its commitment to protecting national assets wherever they may be located," a statement by the attorney general's office said.
The TCC is a 50-50 joint venture of Barrick Gold Corporation of Australia and Antofagasta PLC of Chile.
Balochistan's Reko Diq district is known for its mineral wealth, including gold and copper.
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