Top Business Headlines
 

July 16, 2019

 
 
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World Bank orders Pakistan to pay Barrick Gold joint venture $5.8-billion in damages
  World Bank orders Pakistan to pay Barrick Gold joint venture $5.8-billion in damages
 

Niall McGee

 
Mining reporter
The World Bank has ordered Pakistan to pay Barrick Gold Corp. and Chile’s Antofagasta PLC US$5.8-billion in damages stemming from a long-running international arbitration dispute over mine rights for a massive copper gold project.

 
The dispute dates back to 2011, when the Balochistan province in Pakistan rejected efforts by a joint venture (JV) operated by Barrick and Antofagasta to secure a mining lease for the project at Reko Diq. The JV, called Tethyan Copper Company Pty Ltd., appealed the decision and launched an arbitration claim against the government of Pakistan.

 
The award from the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) in the arbitration case comprises US$4.1-billion, made up of the fair market value of the project at the time, and accumulated interest of US$1.75-billion.

 
 
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  Maxar sale of MDA unit could raise sovereignty concerns
 

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Canadians have plenty at stake in MDA Corp., the satellite, radar and space robotics company famous for the Canadarm grabber that ensured the Maple Leaf was emblazoned on space shuttle and International Space Station missions.

 
The country’s space agency is entering a new era that promises more exploration by public and private sectors, putting MDA’s technology front and centre. The company’s equipment and know-how is also critical to helping guard national sovereignty, especially in the Far North. What’s more, taxpayers have funded no small amount of what it has to offer.

 
Now, MDA’s parent company, Maxar Technologies Inc., is said to be seeking a billion-dollar deal to sell the company to help out Maxar’s financial struggles, and that could include foreign bidders. An old worry is cropping up: Such a transaction could put MDA’s stable of space, defence, maritime, satellite imagery and communications technology at risk of being transferred, once again, to foreign owners – where it really shouldn’t be.

 
Early this month, Reuters quoted the chief executive officer of Italian aerospace and defence contractor Leonardo SpA as saying his firm, in partnership with France’s Thales SA, were considering a bid for MDA. The news agency had reported in June that Colorado-based Maxar was considering a sale to pay down its US$3.2-billion debt load. Officials with Leonardo did not respond to a request for comment.

 
 
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