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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Pakistan to rule on Antofagasta venture soon-report Reuters - Saturday, February 19 Send IM Story Print * Court ruling key for approval of Reko Diq mining lease * Pakistani diplomat says decision expected in a month SANTIAGO, Feb 18 - Pakistan's top court may rule in a month on a probe which is key for the development of a $3.3 billion copper and gold project owned by Antofagasta and Barrick Gold, a Chilean newspaper reported on Friday, citing a Pakistani diplomat. The supreme court has barred the local Baluchistan government from deciding on the approval of the Reko Diq mining lease until it rules on an investigation over the awarding of the concession in the past. Pakistan's ambassador in Chile, Burhanul Islam, told Diario Financiero that "the court's decision is expected in about a month, approximately." Islam's office in Santiago declined further comment. Antofagasta <ANTO.L> and Barrick <ABX.TO> joint venture Tethyan Copper Co denied a report by Diario Financiero that the court had frozen its exploration concession. TCC spokeswoman Samia Ali Shah told Reuters that the court has to rule on the concession case before a decision is made on a lease application. Antofagasta and Barrick declined to comment on the report about the deposit, which has turned into a headache for both companies at times when gold and copper prices hover near all-time highs. Barrick's Chief Executive Aaron Regent said on Thursday it was too early to include Reko Diq in its reserves. "Until we have clarity about that, that would be premature for us to include anything in our reserves," Regent told investors in an earnings call. "There is a lot of support for the project, so I would be cautiously optimistic, but I don't want to over-promise anything." Baluchistan officials warned last year that the province wanted to cancel the project amid growing anger over outsiders exploiting natural resources in Pakistan's poorest region. [ID:nSGE60B07R] Reko Diq, located in southwest Pakistan, holds an estimated mineral resource of 5.9 billion tonnes with an average copper grade of 0.41 percent and an average gold grade of 0.22 grams a tonne, according to data released by Antofagasta. (Reporting by Zeeshan Haider in Islamabad, Euan Rocha in Toronto and Julie Crust in London; writing by Alonso Soto; editing by Jim Marshall) Recommend Send IM Story Print Related Articles US-BUSINESS Summary Reuters - 1 hour 1 minute ago Watchdog clears U.S. Air Force in tanker data mix-up Reuters - 1 hour 1 minute ago Caterpillar lifts Dow as Wall St marks 3 weeks of gains Reuters - 1 hour 7 minutes ago US STOCKS-Cat lifts Dow as Wall St marks 3 weeks of gains Reuters - 1 hour 11 minutes ago Mexico's Televisa loses Slim as advertiser Reuters - 1 hour 22 minutes ago News Search Top Stories Kadhafi loyalists threaten to snuff out protests Sarkozy warns putting national interests first will kill G20 Uganda vote set to extend Museveni's 25-year rule Spain okays plan to shore up troubled savings banks Fewer big fish in the sea, say scientists More Top Stories » ADVERTISEMENT Most Popular Most Viewed Earth dodges geomagnetic storm: scientist Russian police raid office of richest woman US price increases hit consumers William and Kate to tour Canada after wedding Thawing permafrost may speed global warming: study More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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