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Barrick wins $5.83B arbitration award against Pakistan but getting paid won't be easy
By Gabriel Friedman
National Post, Toronto
Monday, July 15, 2019
The World Bank's International Centre for the Settlement of Investment Disputes has ordered the Islamic Republic of Pakistan to pay US$5.83 billion to a Barrick Gold Corp. joint venture subsidiary for blocking a mining project nearly a decade ago.
It marks the latest in a string of high-value arbitration awards that Canadian resource companies have won against foreign countries in recent years, although collecting such awards is far from simple or guaranteed.
... Dispatch continues below ...
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Barrick, which jointly owns the subsidiary with Chilean copper company Antofogasta Plc, long ago dropped the project from most of its investor materials.
On Monday, both companies signalled an interest in settling the matter with Pakistan, which is set to receive billions of dollars in loans from the International Monetary Fund as it struggles to revive its economy. ...
... For the remainder of the report:
https://business.financialpost.com/commodities/mining/i-dont-expect-barr...
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