Pakistan Wins Reko Diq Case

[313ghazi]

People say that Pakistan needs these foreign companies to dig out the gold in reko diq mines as we don't have the skills or knowledge to do so ourselves. There is only one solution and that is to get the knowledge and learn the skills.

Uzbekistan and Indonesia have the largest gold mines in the world, Pakistan govt should send its people to these mines to work and learn and in a few years time use the skills to work on our own mines.

I don't understand why instead of training our own people we rely on foreign companies.

100%. The mine should be owned by the state and run by a private company created by the state. The only purpose of that company should be to mine the gold on behalf of the state. Only enough gold should be sold to cover the costs of mining it, the rest should go into our national reserves.

 

[Imran Khan]

How much Chaina gave us from SANDIK which have more copper & gold than Reko Diq???

few peanuts only that was wasted

 

[H!TchHiker]

No we didn't win the case...of around 6 billion penalty..wrong title

 

[Falcon26]

china hold us from balls we have tons of BITs with china too

What is a BIT?

 

[Imran Khan]

What is a BIT?

bilateral investment treaty (BIT) and pakistan a 6bn$ blunder

what are BIT ? Bilateral Investment Treaties (BITs) are agreements between two governments ostensibly designed to promote investment flows and protect international investors and their investments. There are more than 2,000 BITs globally and an increasing number of trade agreements contain...

defence.pk

 

[Windjammer]

Remember how everyone was kicking up a storm when a PIA aircraft was stopped from operating due to some dispute....on the contrary, how would it have made headlines and would it have made you guys feel better if the Two high end Hotels were confiscated and auctioned off for peanuts and made the case even stronger for the other party. Now after losing the custody of the assets and having to pay all the costs, the other party will think twice before pursuing case any further.

 

[niaz]

People say that Pakistan needs these foreign companies to dig out the gold in reko diq mines as we don't have the skills or knowledge to do so ourselves. There is only one solution and that is to get the knowledge and learn the skills.

Uzbekistan and Indonesia have the largest gold mines in the world, Pakistan govt should send its people to these mines to work and learn and in a few years time use the skills to work on our own mines.

I don't understand why instead of training our own people we rely on foreign companies.

There appears to be a misconception about the goldmines of Indonesia & Uzbekistan.

Uzbekistan was part of the Soviet Union when the gold was discovered in the Kyzyl Kum desert in 1958. Thus the initial work and processing were carried out by the mining companies with all the knowledge and expertise of a Super Power of the time behind them.

Grasberg Gold mine is located in Irian Jaya, the part of New Guinea Island which was under the Dutch and from 1963 is controlled by Indonesia. This is from the Mining Technology:

“Freeport McMoran holds a 48.8% interest in the mine while the remainder (51.2%) is held by Inalum.

Freeport McMoran and Rio Tinto sold a majority interest in Grasberg to Indonesia’s state-owned aluminium mining company, Indonesia Asahan Aluminium (Inalum). Prior to the $3.85bn transaction, Freeport held a 90.64% stake in the mine operation while Rio Tinto had a 40% participating interest. Under the deal, the government agreed to provide a special licence to Freeport to enable the company to continue the extraction of ore until 2041. To support the mine and its workforce, PT Freeport has built an airport, a port at Amamapare, 119km of access road, a tramway, hospital, housing, schools and other facilities.”
https://www.mining-technology.com/projects/grasbergopenpit/

Evidently, the Grasberg mine was developed with foreign assistance. It is quite obvious that many compatriots are rather naïve and believe that everything is easy. Permit me to remind everyone that despite the fact that coal mining is far easier and less sophisticated than gold mining & processing. Thar coal deposits were discovered in 1991, it was 28 years later in 2019 when the first phase of the Engross-Power Gen Thar coal power plant began operation with the cooperation of China Machinery Engineering Corporation. Had there been no power shortage in the country; even this would not have probably happened.

If we have to wait until we can find our own finances and for the acquisition of technical know-how by our engineers & technicians through working at Uzbekistan and /or Indonesian gold mines, Reko-deg gold deposits would remain unexploited for another 30 years. But when the process has already been halted for 8 years (contract nullified in 2013), what is another 30 to 40 years???

Regrettably, it is an undeniable fact that Pakistan lacks the financial as well as manpower resources to develop Reko-deg deposits without foreign help.

 

[Adecypher]

Banda in ko retirement se nikal k ulta latkae jo yeh ullu k pathay harkatain kartay hain.

Sir ji you forgot Babooos are “untouchable” ... historically speaking

 

[Nasr]

Pakistan wins $6 Billion law suit in the Reko Diq case.

Pakistan gets back custody of both Roosevelt Hotel in New York and Scribe Hotel in Paris.

Absolutely awesome news!!! Thanks GOD!!!

 

[Indos]

There appears to be a misconception about the goldmines of Indonesia & Uzbekistan.

Uzbekistan was part of the Soviet Union when the gold was discovered in the Kyzyl Kum desert in 1958. Thus the initial work and processing were carried out by the mining companies with all the knowledge and expertise of a Super Power of the time behind them.

Grasberg Gold mine is located in Irian Jaya, the part of New Guinea Island which was under the Dutch and from 1963 is controlled by Indonesia. This is from the Mining Technology:

“Freeport McMoran holds a 48.8% interest in the mine while the remainder (51.2%) is held by Inalum.

Freeport McMoran and Rio Tinto sold a majority interest in Grasberg to Indonesia’s state-owned aluminium mining company, Indonesia Asahan Aluminium (Inalum). Prior to the $3.85bn transaction, Freeport held a 90.64% stake in the mine operation while Rio Tinto had a 40% participating interest. Under the deal, the government agreed to provide a special licence to Freeport to enable the company to continue the extraction of ore until 2041. To support the mine and its workforce, PT Freeport has built an airport, a port at Amamapare, 119km of access road, a tramway, hospital, housing, schools and other facilities.”
https://www.mining-technology.com/projects/grasbergopenpit/

Evidently, the Grasberg mine was developed with foreign assistance. It is quite obvious that many compatriots are rather naïve and believe that everything is easy. Permit me to remind everyone that despite the fact that coal mining is far easier and less sophisticated than gold mining & processing. Thar coal deposits were discovered in 1991, it was 28 years later in 2019 when the first phase of the Engross-Power Gen Thar coal power plant began operation with the cooperation of China Machinery Engineering Corporation. Had there been no power shortage in the country; even this would not have probably happened.

If we have to wait until we can find our own finances and for the acquisition of technical know-how by our engineers & technicians through working at Uzbekistan and /or Indonesian gold mines, Reko-deg gold deposits would remain unexploited for another 30 years. But when the process has already been halted for 8 years (contract nullified in 2013), what is another 30 to 40 years???

Regrettably, it is an undeniable fact that Pakistan lacks the financial as well as manpower resources to develop Reko-deg deposits without foreign help.

Beside Freeport Indonesia that majority stake is owned by Indonesian state owned aluminium company, Inalum. We also have another company that mine the gold, nickle and chopper which is state owned PT Aneka Tambang. They have mined gold and chopper quite long and also has refinery and smelter and keep building new refinery and smelter to downs stream the business further.

PT Aneka Tambang

Another state owned mining is PT Timah that focuses on mining tin where they also have refining facility and smelter

Big mining company PT Newmont Nusa Tenggara is also now owned by Indonesian national company, PT Medco Energy since 2016 that is owned by Arifin Panigoro family. Medco Energy now has 80 percent PT Newmonth Nusa Tenggara.

PT Newmont Nusa Tenggara is a large gold and chopper mining company

 

[Mrc]

Let's develop it than

 

[Bouncer]

Sir ji you forgot Babooos are “untouchable” ... historically speaking

Sir, basically anyone with money to spend is untouchable in our esteemed judiciary. From a low level bike thief to billion dollar thieves like Nawaz/Zardari/Malik Riaz and all the people in between them. Judges & prosecution officers in police etc are kind enough to charge (khidmat, kharcha pani, pyar mohabat, and a few other names) people as per the severity of their case.

Just to give you an example; a low level clerk in Faisalabad's DC office, while serving in weapons branch (Asleha Branch), issued fake permits with DC's forged signatures for years. Got caught, managed to get relief from the kind courts and then went on provide his services to the masses again. Got caught again, this time by agencies, got relief again from the same benevolent courts and went right back to serving the ghareeb awam. And he was a low level clerk. And all this happened when terrorism was the biggest issue in Pakistan.

 

[RIP Pak LAW]

Does anyone still believe that we will pay that $6 billions fine. No we will not. Infact Tethyan Copper Company is also interested to have an outside court settlement with Pakistan Govt like giving them rights for extraction once again, which is most likely tp happen.

As far as this verdict is concerned, its a mini victory in a way that now PIA can sell these hotels, if they want to. No court binding. International buyer doesn't want any strings attached. Roosevelt Hotel in NY is indeed of some fortune especially when hotel industry is begining to step ahead once again after corona mess.

 

[Adecypher]

Sir, basically anyone with money to spend is untouchable in our esteemed judiciary. From a low level bike thief to billion dollar thieves like Nawaz/Zardari/Malik Riaz and all the people in between them. Judges & prosecution officers in police etc are kind enough to charge (khidmat, kharcha pani, pyar mohabat, and a few other names) people as per the severity of their case.

Just to give you an example; a low level clerk in Faisalabad's DC office, while serving in weapons branch (Asleha Branch), issued fake permits with DC's forged signatures for years. Got caught, managed to get relief from the kind courts and then went on provide his services to the masses again. Got caught again, this time by agencies, got relief again from the same benevolent courts and went right back to serving the ghareeb awam. And he was a low level clerk. And all this happened when terrorism was the biggest issue in Pakistan.

Yahan bikta hey sab kuch, zara sambhal ke rehna

Log hawaon ko bhi bech detey hein ghubaron mein daal key

Sir, corruption from lower financial class is understandable with the inflation these days they sway away with rishwat and little fraud here and there but what is the excuse from umrahas (the rich) ... ? Now the ONLY hope I have is from “dandey waali sarkaar” or from a miracle which suddenly happens and change the heart of people ... as Mr. Hassan Nisar (who I do not agree when he bash muslim history) says if you stop corruption today in this Country “log bhok se marjayengey” this is how much corruption is ingrained in our society... unfortunately!

 

[ejaz007]

Reko Diq case: UK High Court blocks Pakistan from raising corruption allegations

LONDON: The London High Court has blocked Pakistan from pleading corruption allegations in the famous Reko Diq case in a challenge to an International Chamber of Commerce (ICC) partial award won by the Australian mining firm Tethyan Copper Company (TCC) - ruling that the province of Balochistan can no longer plead corruption allegations against the gold mining giant as the Supreme Court of Pakistan had not based its decision in the Reko Diq on corruption allegations.

The News has exclusive access to the 98-page decision by Justice Robin Knowles. The court ruling by Judge Robin Knowles of the High Court of Justice comes as a setback as Pakistan’s legal team had sought to get the whole case nullified using the Supreme Court of Pakistan’s decision, but the London High Court found that Balochistan opted not to raise the issue of corruption during the international arbitration and in fact didn’t even allege corruption – while raising the corruption allegations in London High Court.

Balochistan had started claim against TCC in UK High Court on the allegations that TCC paid significant bribes to Pakistan government officials mainly in Balochistan, before and after the joint venture agreement was agreed, in order to secure the mining deal and in exchange for various "illegitimate benefits" under the agreement.

Rejecting the claim by Balochistan, Judge Robin Knowles ruled that Balochistan forfeited its right to mount corruption allegations to challenge the jurisdiction of an arbitral tribunal adjudicating claims over the Reko Diq gold and copper mines in Balochistan. Balochistan had alleged corruption and also pleaded that the ICC lacked jurisdiction, but the English court ruled that the English arbitration law barred parties from raising issues before the court that were not raised during the arbitration in the same case.

Judge Robin Knowles said in the decision that Pakistan’s reference during the arbitration related to a decision by the Supreme Court of Pakistan finding an underlying agreement to be void wasn't enough to show that it had raised the corruption allegations before the tribunal.

The English judge in his ruling acknowledged that while Pakistan’s Supreme Court had concluded that an underlying joint venture agreement that led to TCC attempting to secure digging rights was void but Pakistan’s highest court hadn't based its decision on Pakistan’s claim and allegation that the agreement was secured as a result of bribes or corrupt practices. Judge Robin Knowles noted that Pakistan’s Supreme Court had made no reference to the allegations of corruption in its decision while declaring the agreement as invalid.

"Descriptions of or references to corruption are insufficient: the question with which the corruption allegation is concerned is whether the Supreme Court of Pakistan found that the [joint venture agreement] and related agreements were void due to the existence of corruption," Judge Knowles wrote. "In my judgment, it did not."

The judge noted that Balochistan had enough opportunities to raise the corruption allegations before the international tribunal but it chose not to bring up the issue of corruption and instead chose a different jurisdiction to launch the case.

The judge wrote: "If the province has evidence relating to corruption that was not before the ICC tribunal ... then it is for the province to seek to address those matters with the arbitral tribunal; it does not make it legitimate for the province to raise them with the court as a challenge to the jurisdiction of the arbitral tribunal."

The judge ruled that the province of Balochistan cannot pursue “the corruption allegation because it was not included in the arbitration claim form”. The judge also ruled that Balochistan couldn’t be allowed to amend the arbitration claim form – effectively rejecting Balochistan’s case.

Reko Diq case: UK High Court blocks Pakistan from raising corruption allegations

LONDON: The London High Court has blocked Pakistan from pleading corruption allegations in the famous Reko Diq case in a challenge to an International Chamber of Commerce partial award won by the...

www.thenews.com.pk