LONDON May 8 Tethyan Copper, a joint venture
between Canada's Barrick Gold and Chilean miner
Antofagasta, has given up hope of eventually mining
Reko Diq, a disputed but promising copper-gold project in
Pakistan's poorest region.
Instead, Tethyan said in a statement on Wednesday that it
would seek monetary damages as compensation for what it says are
Pakistan's breaches of contract and treaty rights, and those of
the region, Baluchistan.
"Recent developments have regrettably compelled Tethyan to
withdraw the request for specific performance... While we have
long hoped to mine Reko Diq, as is Tethyan's right, the conduct
of Pakistan and Baluchistan has made that goal impracticable,"
Tim Livesey, Tethyan Chief Executive, said.
"We will pursue our claims for monetary damages, including
lost profits for the mining operations, in the international
Since 2006, Tethyan has invested over $220 million for the
development of a copper-gold mine at Reko Diq.