Canadian miner to challenge Reko Diq ruling internationally
High commissioner says case will go against Pakistan in international courts.
After local court’s ruling TCC stopped to operate on the mine.
KARACHI:
High Commissioner of Canada to Pakistan Greg Giokas said that the prime concern for Canadian investment in Pakistan was its legal protection. Pointing towards the Reko Diq project, Giokas said that the Canadian company involved in the disputed Reko Diq project was opting for international arbitration, which will likely be held in February 2014.
Tethyan Copper Company (TCC) – a joint venture between Canada’s Barrick Gold and Chilean miner Antofagasta – he said had worked for years to explore copper and gold deposits under the contract with the Pakistani government and to prepare a feasibility study worth $400 million for project’s development.
He opined that in the international arbitration courts there it was highly likely that the case will go against Pakistan. He said that after local court’s ruling TCC stopped to operate on the mine. The high commissioner was of the view that the said company invested enormous time, efforts and investment in Reko Diq. Pakistan’s federal’s and provincial government’s conduct was inappropriate; therefore other Canadian investors were concerned on protection of their investment in the country.
However, Canadian embassy’s representative assured that Canada was supportive to Pakistan and sees it as a land of immense natural resources, potential and strength. He was of the view that the world was also well aware of the potentials of Pakistan.
“Both countries maintain friendly political relations. However, foreign investment was dropping in Pakistan as investors were primarily concerned about transparency, legal protection of investment, instability and security in the country,” he said, while talking to the leaders of the Karachi Chamber of Commerce and Industry in a meeting.
Giokas said that Canada can offer expertise on agriculture and railways. Canada Pacific Railway can bid for locomotives required by Pakistan Railways.
Earlier, the Canadian high commissioner hosted a roundtable with the faculty of University of Agriculture Faisalabad to explore the possibilities of cooperation in the agriculture, dairy and livestock sectors.
Published in The Express Tribune, June 29th, 2013.
High Commissioner of Canada to Pakistan Greg Giokas said that the prime concern for Canadian investment in Pakistan was its legal protection. Pointing towards the Reko Diq project, Giokas said that the Canadian company involved in the disputed Reko Diq project was opting for international arbitration, which will likely be held in February 2014.
Tethyan Copper Company (TCC) – a joint venture between Canada’s Barrick Gold and Chilean miner Antofagasta – he said had worked for years to explore copper and gold deposits under the contract with the Pakistani government and to prepare a feasibility study worth $400 million for project’s development.
He opined that in the international arbitration courts there it was highly likely that the case will go against Pakistan. He said that after local court’s ruling TCC stopped to operate on the mine. The high commissioner was of the view that the said company invested enormous time, efforts and investment in Reko Diq. Pakistan’s federal’s and provincial government’s conduct was inappropriate; therefore other Canadian investors were concerned on protection of their investment in the country.
However, Canadian embassy’s representative assured that Canada was supportive to Pakistan and sees it as a land of immense natural resources, potential and strength. He was of the view that the world was also well aware of the potentials of Pakistan.
“Both countries maintain friendly political relations. However, foreign investment was dropping in Pakistan as investors were primarily concerned about transparency, legal protection of investment, instability and security in the country,” he said, while talking to the leaders of the Karachi Chamber of Commerce and Industry in a meeting.
Giokas said that Canada can offer expertise on agriculture and railways. Canada Pacific Railway can bid for locomotives required by Pakistan Railways.
Earlier, the Canadian high commissioner hosted a roundtable with the faculty of University of Agriculture Faisalabad to explore the possibilities of cooperation in the agriculture, dairy and livestock sectors.
Published in The Express Tribune, June 29th, 2013.