LONDON (ShareCast) - (Sharecast News) - Mining giant Antofagasta, along with Barrick Gold and the Governments of Pakistan and Balochistan, have reached an agreement in principle on a framework that provides for the reconstitution of the Reko Diq project and a pathway for the company to exit the project.
Antofagasta said on Monday that it had decided not to participate in the reconstituted project, which was suspended in 2011 due to a dispute over the legality of its licensing process, as its growth strategy was now focused on the production of copper and by-products in the Americas - particularly in Chile, Peru, the USA and Canada.

The FTSE 100-listed firm stated all parties involved had agreed to work together over the course of the year to finalise and approve definitive agreements. Antofagasta added that if the conditions to closing can be satisfied during 2022, it expects to receive the proceeds of the disposal during 2023.

"The company notes that, although this agreement in principle is an important step towards its exit from the Reko Diq project and the resolution of the ICSID litigation announced in July 2019, there can be no certainty that definitive agreements will be finalised or approved, or that the conditions to closing will be satisfied," noted Antofagasta.

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