March 21, 2017 / 11:16 AM / in a year

BRIEF-Antofagasta says World Bank's ICSID confirmed Pakistan violated bilateral Treaty

March 21 (Reuters) - Antofagasta Plc:

* REKO DIQ Project arbitration ruling

* ICSID Tribunal decision rejected Pakistan’s defence against liability, confirmed that Pakistan had violated several provisions of bilateral investment treaty

* damages phase of proceedings will begin on march 22; tribunal will consider submissions from parties to determine amount that Pakistan must pay TCC

* Ruling on quantum of damages is expected in 2018.

* At conclusion of this phase, Tethyan will receive an award entitling it to fair market value of project at time that mining lease application was denied

* Tribunal of world bank’s ICSID issued decision on arbitration claims that Tethyan copper filed against Pakistan

* Tribunal decision on claims that Tethyan copper filed in relation to unlawful denial of mining lease for REKO DIQ project in Pakistan in 2011 Source text for Eikon: Further company coverage: (Bengaluru Newsroom)

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