Antofagasta PLC REKO DIQ PROJECT - Arbitration Ruling (0612A)
March 21 2017 - 7:00AM
UK Regulatory
TIDMANTO
RNS Number : 0612A
Antofagasta PLC
21 March 2017
NEWS RELEASE, 21 MARCH 2017
REKO DIQ PROJECT
Arbitration Ruling
Antofagasta plc (the "Company") announces that yesterday an
international arbitration tribunal of the World Bank's
International Center for Settlement of Investment Disputes
("ICSID") issued a decision on the arbitration claims that Tethyan
Copper Company Pty Limited ("TCC"), a joint venture between the
Company and Barrick Gold Corporation, filed against the Islamic
Republic of Pakistan ("Pakistan") in relation to the unlawful
denial of a mining lease for the Reko Diq project in Pakistan in
2011.
Yesterday's decision by the ICSID tribunal rejected Pakistan's
final defence against liability, and confirmed that Pakistan had
violated several provisions of its bilateral investment treaty with
Australia, where TCC is incorporated.
The damages phase of proceedings will begin on 22 March and the
tribunal will consider submissions from the parties to determine
the amount that Pakistan must pay TCC. A ruling on the quantum of
damages is expected in 2018.
"We are pleased with this decision and now the damages phase of
the arbitration can begin. We expect that, at the conclusion of
this phase, Tethyan will receive an award entitling it to the fair
market value of the project at the time that the mining lease
application was denied," said Iván Arriagada, Antofagasta plc's
Chief Executive Officer.
Prior to submission of the mining lease application, Tethyan had
completed a feasibility study showing that Reko Diq was one of the
world's largest undeveloped copper and gold deposits with a
potential mine life of over 50 years mine life for an estimated
initial capital investment of over $3 billion.
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Investors - London Media (Brunswick)
Andrew Lindsay alindsay@antofagasta.co.uk Carole Cable antofagasta@brunswickgroup.com
Paresh Bhanderi pbhanderi@antofagasta.co.uk Will Medvei antofagasta@brunswickgroup.com
Telephone +44 20 7808 0988 Telephone +44 20 7404 5959
Investors - Santiago Media - Santiago
Francisco Veloso fveloso@aminerals.cl Pablo Orozco porozco@aminerals.cl
Telephone +56 2 2798 7000 Carolina Pica cpica@aminerals.cl
Telephone +56 2 2798 7000
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This information is provided by RNS
The company news service from the London Stock Exchange
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