An international arbitration court has imposed a penalty of over five billion dollars on Pakistan for unlawful denial of a mining lease to a company for the Reko Diq project in 2011.<br />'' <br />''The Tethyan Copper Company (TCC) had filed claims for international arbitration before the World Bank's International Centre for Settlement of Investment Disputes (ICSID) in 2012 after the Balochistan government rejected a leasing request from the company.<br />'' <br />'' The company had claimed 11.43 billion dollars in damages. The case between the Pakistan government and the company continued for seven years.<br />'' <br />'' The TCC completed an extensive and detailed bankable feasibility study establishing the basis for mine development at Reko Diq during August 2010 and submitted a mining lease application in February 2011, along with an environmental and social impact assessment report, the paper said.<br />'' <br />'' The Reko Diq mine is famous for its vast gold and copper reserves.<br />'' <br />'' The project stopped in November 2011, when the Balochistan government summarily rejected the application by the TCC's local operating subsidiary for a mining lease in respect of Reko Diq.<br />''<br />''A statement issued by the Pakistan Attorney General's office today said Prime Minister Imran Khan issued orders for the formation of a commission to investigate and fix responsibility for the massive loss borne by the country in the Reko Diq case.