Pakistan Court Puts Antofagasta Reko Diq Project On Hold-Paper

Pakistan's supreme court put Chilean miner Antofagasta PLC's (ANFGY, ANTO.LN) Reko Diq copper and gold project on hold, Diario Financiero newspaper reported Friday.

The Reko Diq project is a joint venture with Canadian miner Barrick Gold Corp. (ABX), called Tethyan Copper Co. Tethyan has a 75% stake in Reko Diq with the local government of Baluchistan holding the remaining 25%.

Pakistan's high court suspended the mining concession until it decides on three legal actions filed against the project, the newspaper reported, citing Pakistani newspapers and that nation's ambassador in Chile.

"The Supreme Court should announce its decision in about a month," Ambassador Burhanul Islam told the Chilean newspaper.

Antofagasta officials weren't immediately available to comment on the report.

The $3.3-billion project could produce 190,000 metric tons of copper and 270,000 troy ounces of gold a year the first five years in operation, Antofagasta has said.

-By Carolina Pica, Dow Jones Newswires; 56-2-715-8919; carolina.pica@dowjones.com

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