February 16, 2006	Thursday	Muharram 17, 1427

TORONTO, Feb 15: Barrick Gold Corp said on Tuesday it has agreed to acquire 50 per cent of Tethyan Copper Co Ltd’s Reko Diq project and other mineral interests in Pakistan if Antofagasta Plc’s bid for Tethyan is successful.

Barrick and Antofagasta have agreed to share equally in Tethyan’s 75 per cent interest in the Reko Diq project as well as all of Tethyan’s rights, licences and permits held in Pakistan.

Toronto-based Barrick will pay Antofagasta $100 million in cash for 50 per cent of all the acquisition costs, including claw-back rights with BHP Billiton.

Earlier, Antofagasta, a Chilean copper miner, said it had made a $140 million cash offer for Australian-listed Tethyan that was supported by both boards of directors.

Antofagasta said it also struck a $60 million side deal with BHP over claw-back rights to certain Tethyan mineral interests.

Reko Diq is touted as a giant copper and gold project, containing 12.3 million tons of copper and 20.9 million ounces of gold in inferred and indicated resources.—Reuters