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Barrick Gold Corp Files For Abitration in Pakistan Dispute: report

A Canadian-Chilean mining consortium has filed for arbitration in a dispute over one of the world's richest deposits of gold and copper in the remote hills along Pakistan's western border, the Globe and Mail reported.

It said the move represents an effort by Toronto-based Barrick Gold Corp. (ABX.TO) and its Chilean consortium partner Antofagasta to recover the millions of dollars spent exploring the Reko Diq site, and some of the future profits that vanished after Pakistani authorities rejected their application for a mining license earlier this month.

It added the arbitration is expected to take place in Paris and Washington, and the claims will probably run into the hundreds of millions - or even billions - of dollars. The foreign companies say they spent US$220 million on exploration and technical studies since 2006, the year that Barrick bought a stake in the project for a reported US$130 million, the Globe noted.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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