Barrick wins $5.83B arbitration award against Pakistan but getting paid won't be easy

Section:

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 ...


ADVERTISEMENT

USAGold: Coins and bullion since 1973


USAGold, well known for its Internet site, USAGold.com, offers contemporary bullion coins and bullion-related historic gold coins for delivery to private investors in the United States, Europe, Canada, Australia, and New Zealand. It is one of the oldest and most respected names in the gold industry, with thousands of clients and an approach to investment that emphasizes guidance and individual needs over high-pressure sales tactics. The firm's zero-complaint record at the Better Business Bureau makes it an ideal match for the conservative, long-term investor looking for a reliable contact in the gold business.

Please call 1-800-869-5115x100 and ask for the trading desk, or visit:

http://www.USAGold.com

USAGold: Great prices, quick delivery -- all the time.



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...

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Friday-Monday, November 1-4, 2019

https://neworleansconference.com/

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16