Pakistan's military is taking a key role in the development of one of the w...
ISLAMABAD - Pakistan’s military is taking a key role in the development of one of the world’s biggest untapped copper and gold deposits, which is currently stalled by a multi-billion dollar legal wrangle with foreign mining firms, multiple sources familiar with the situation said.
The military will not only be in a position to decide which investors develop the deposit, but an army-controlled engineering firm, Frontier Works Organization , is positioning itself to be a member of any consortium involved, these people said. “If an opportunity arises of participating in developing Reko Diq, FWO may work at par with other competitors companies provided the project is financially viable suitable,” the statement said. When asked, a spokesman declined to elaborate on the statement.
The army has ruled the nuclear-armed nation for nearly half its history and is considered to have a major influence over Khan’s recently elected government. A military spokesman declined to comment. But any new investors will need the blessing of Pakistan’s military, according to government officials and mining sources.
Pakistan argued its move was legitimate because TCC’s feasibility study was incomplete and the country’s Supreme Court voided the deal in 2013. But in 2017 the World Bank’s International Centre for Settlement of Investment Disputes ruled against Pakistan. Some mining experts say a likely solution would be for a new investment consortium to pay the settlement fee on behalf of cash-strapped Pakistan in exchange for future royalty fees or mining rights.
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