Canada's Barrick Gold and Chile's Antofagasta have given up hope of mining Reko Diq, a disputed but promising copper and gold project in Pakistan's poorest region of Baluchistan, and will demand compensation instead.Reko Diq was meant to be the biggest foreign investment in Pakistan's mining sector. But development has been frozen since 2011 after the provincial government refused a mining license for the venture jointly owned by Barrick and Antofagasta - Tethyan Copper Company - months after a request was submitted.Tethyan began international arbitration proceedings in November 2011."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," Tethyan's Chief Executive, Tim Livesey, said on Wednesday.
Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities. Shares of ABX traded higher by 6.26% or $1.235/share to $20.98. In the past year, the shares have traded as low as $17.51 and as high as $43.30. On average, 14787700 shares of ABX exchange hands on a given day and today's volume is recorded at 11486544.
Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities. Shares of ABX traded higher by 6.16% or $1.22/share to $21.02. In the past year, the shares have traded as low as $17.98 and as high as $44.75. On average, 4121270 shares of ABX.TO exchange hands on a given day and today's volume is recorded at 2128163.
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