Not just any indicator but a Keith Nielsen indicator Trading halt TYC, interesting to see if Mincor exits their options and David Moore exits CEO, could be an xtra boost for MCR,s coffers and allow David Moore to re focus Mincor,

AFX News Limited
Antofagasta buys 50 pct stake in Tethyan Copper's interests in Pakistan UPDATE
12.23.2005, 05:31 AM

LONDON (AFX) - Antofagasta PLC said it will buy a 50 pct stake in Tethyan Copper Co Ltd's mineral interests in Pakistan and a 19.95 pct interest in Australian-listed Tethyan.

Antofagasta, together with Tethyan, will also terminate BHP Billiton's rights to claw-back a material interest in certain of Tethyan's mineral interests. They will pay Billiton 50 mln usd in compensation.

Antofagasta's total financial commitment under the transaction, including the exploration and development expenditure commitment, is expected to amount to 133 mln usd, it said.

Tethyan's principal assets are a 75 pct interest in the exploration licence encompassing the highly prospective Chagai Hills region of North West Pakistan known as Reko Diq, which includes the Tanjeel Mineral Resource and the Western Porphyries, and a 100 pct interest in certain other licences in the region.

Tethyan has reported total indicated and inferred mineral resource estimates at its properties of 1.2 bln tonnes with a copper grade of 0.58 pct and a gold grade of 0.28 grams per tonne. The resource estimates include probable reserves at the Tanjeel Mineral Resource of 128.8 mln tonnes.

Tethyan is currently subject to an unsolicited takeover offer from Skafell Pty Ltd, a subsidiary of Crosby Capital Partners Inc and IB Daiwa Corp. It has unanimously recommended that its shareholders reject the Skafell offer and approve the proposed transaction with Antofagasta.

'Our agreement with Tethyan Copper Co provides Antofagasta with a window into a very prospective mining region and represents a strategic investment opportunity for us,' said Marcelo Awad, chief executive of Antofagasta Minerals SA.

Chilean-based Antofagasta said it continues to look at opportunities globally to secure rights to world-class mining assets.