The Pakistan government is engaged in talks with the TCC, a company that won an arbitration award of a massive $5.97 billion against Pakistan from ICSID over its dispute on Reko Diq mine in Balochistan, reported the Dawn.

A report published on Law360 website reported that the World Bank’s International Centre for Settlement of Investment and Disputes committee (ICSID) issued an order on 30 October allowing the TCC to try to collect 50 percent of $5.96 billion damage award from the government of Pakistan. 

The committee’s order came after the government of Pakistan failed to acquire an stay on implementation of its earlier order on the dispute. For stay, Pakistan needed to deposit 25 percent of the amount with the committee. 

Speaking on the development to the Dawn newspaper, a Pakistani official who is apprised of the matter said, “The government is fully aware and defending the country’s interest.” 

The Reko Diq copper mine dispute arose when the Supreme Court of Pakistan scrapped the TCC mining lease in 2012, and the government of Pakistan and Baluchistan supported the apex decision. 

TCC, a joint venture of Australian firm Barrick Gold Corporation and Chile’s Antofagasta, moved to ICSID court against the decision of the Pakistan Government. Pakistan, which has a Bilateral Investment Treaty with Australia (BIT Australia) was bound to secure Australian investment; and in this case, one of the companies involved was an Australian mining firm.