SANTIAGO, Dec 23: Chilean copper company Antofagasta Minerals said on Friday it agreed to a $133 million joint venture with an Australian company to explore and exploit Pakistan copper and gold properties.

Antofagasta said the agreement involved the purchase of a 19.95 per cent stake in Australia’s Tethyan Copper Co. for $20.5 million as well as an outlay of $37.5 million for a 50 per cent equity stake in Tethyan’s Pakistan mineral properties.

The agreement, announced out of London and subject to approval by shareholders and regulators, also involves a commitment to invest up to $75 million in exploration and development.—Reuters