ISLAMABAD   -    The Supreme Court of Pakistan
Wednesday noted that the International Centre for Settlement of Investment Dispute (ICSID) award
against Pakistan in the Reko Diq
case is like a nuclear bomb.
A five-member bench of the apex
court headed by Chief Justice of Pakistan Justice Umar Ata Bandial and
comprising Justice Ijaz ul Ahsan, Justice Muneeb Akhtar, Justice Yahya
Afridi and Justice Jamal Khan Mandokhail conducted hearing of the
presidential reference.
During the hearing, Justice
Muneeb, responding to the contention of Balochistan Bar Council’s
counsel, said; “ICSID award is like a
nuclear bomb and it could be taken
in anywhere in the world.” He said
that ICSID under the Washington
Convention has been signed by Pakistan. “On the basis of this award Pakistan’s asset anywhere in the world
could be attached,” he added.
Amanullah Kanrani, appearing on
behalf of the BBC, briefly told the
bench that the mining project by the
foreign company, first by BHP, and
later Antafogasta and Barrick Gold,
started in 1993, and still it could not
be completed. He asked the court to
see this aspect and that the Barrick
Gold under the new agreement be
given timeframe to complete the project. The Chief Justice said that for the
time being the danger of $10 billion
claim of mining company is looming
over the country. He added that a decree has been issued by the ICSID and
in the present circumstances the best
option is the settlement. He, however, said that the government needs
to see after the discovery of gold in
Reko Diq where the process for its refining would take place. He asked the
attorney general that though the government does not have capacity of
gold mining, but whether it has analyzed the process and what would be
its mechanism.
He further questioned that whether the government has examined
what would be the oversight of the
project by Pakistan. He said that
the settlement is good, but Pakistan
should not compromise on the other
aspects of the project.
The CJP noted that Afghanistan
during the period of unrest had
signed an agreement with the foreign company for gold mining with
better terms.