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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Antofagasta plc    ANTO   GB0000456144

ANTOFAGASTA PLC

(ANTO)
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Pakistan in talks with Tethyan Copper to resolve $5.8 billion dispute - sources

11/12/2020 | 12:11pm EST

ISLAMABAD (Reuters) - Pakistan is in talks with Tethyan Copper to settle a $5.8 billion dispute around the Reko Diq copper project, two senior Pakistani officials told Reuters on Thursday.

The World Bank's International Centre for Settlement of Investment Disputes (ICSID) last year ordered Pakistan to pay damages of $5.84 billion to Tethyan Copper - a joint venture between Chile's Antofagasta and Canada's Barrick Gold - for blocking Tethyan from developing the asset after it had already sunk more than $220 million into the project.

"We have been engaged in negotiations with parties involved in the Reko Diq dispute," said an official who is part of the team handling negotiations, declining to provide further detail.

A second official said the parties have been in talks for an extended period since Tethyan last year expressed willingness to explore a negotiated settlement.

The sources asked to remain anonymous because they were not authorised to discuss the matter with the media.

Barrick Gold declined to comment.

Law360, a legal news service, this week reported that Tethyan had been given the go-ahead by ICSID to collect half of the arbitration award.

Having to pay out the award would wipe out nearly half of Pakistan's foreign exchange reserves as the country contends with the pandemic-driven economic crisis.

Reko Diq, located in Pakistan's southwestern province of Balochistan, is one of the world's biggest untappped copper and gold deposits. Development of the asset has been stalled for nearly a decade by the long-running dispute.

(Reporting by Asif Shahzad; Editing by Euan Rocha and David Goodman)

By Asif Shahzad


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ANTOFAGASTA PLC -3.66% 1514.5 Delayed Quote.9.13%
BARRICK GOLD CORPORATION -1.50% 29.46 Delayed Quote.3.28%
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Financials (USD)
Sales 2020 4 712 M - -
Net income 2020 513 M - -
Net Debt 2020 280 M - -
P/E ratio 2020 38,3x
Yield 2020 1,17%
Capitalization 20 285 M 20 295 M -
EV / Sales 2020 4,36x
EV / Sales 2021 3,45x
Nbr of Employees 6 532
Free-Float 33,9%
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Mean consensus HOLD
Number of Analysts 19
Average target price 18,12 $
Last Close Price 20,58 $
Spread / Highest target 19,2%
Spread / Average Target -12,0%
Spread / Lowest Target -42,3%
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Managers and Directors
NameTitle
IvŠn Arriagada Herrera Group Chief Executive Officer
Jean-Paul Luksic Fontbona Non-Executive Chairman
HernŠn Menares Vice President-Operations
Mauricio Ortiz Group Chief Financial Officer
Ramon F. Jara Non-Executive Director
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