TCC was collectively bought over in the year 2006 through a shareholder agreement between Chile based Antofagasta PLC and Barrick Gold Corporation of Canada. TCC’s principal asset is a 75% interest in the exploration license (EL-5) for copper-gold prospects at Reko Diq in district Chagai of Balochistan in which the Government of Balochistan holds the remaining 25% share. TCC and the Government of Balochistan are partners under the Chagai Hills Exploration Joint Venture Agreement (CHEJVA) which was originally signed between BHP and the Government of Balochistan in 1993.
TCC is developing a stage-wise project plan with the goal of ultimately operating Pakistan’s world-class copper-gold mine. The Antofagasta-Barrick partnership has brought financial stability, technical expertise and proven track-record of developing world’s major copper and gold reserves. So far an investment of over US$ 200 million has been made into the exploration of Reko Diq project since 2006.
In 1993 BHP negotiated the Chagai Hills Exploration Joint Venture Agreement (CHEJVA) with the province of Balochistan to explore the Chagai Hills region. From 1994 to 1997 BHP discovered significant copper-gold deposit at Reko Diq. In year 2000, Tethyan Copper Company was established by Mincor Resources NL after taking over the project from BHP. In 2006, Antofagasta PLC and Barrick Gold Corporation formed a JV and acquired 100% of Tethyan Copper Company Pty. Limited, an Australian company. Tethyan Australia subsequently transferred all mining rights to its Pakistani subsidiary, Tethyan Copper Company Pakistan.