increased offer for tyc

We can expect an increase of the bid any day now since Barricks and Antofagasta has lined up in buying more shares as partners in a future Tethyan.

Mincor and Tethyan share holders will both be the beneficiaries....

jojo


Antofagasta CEO:Tethyan Shares Would Be Split With Barrick




03-14-06 06:29 AM EST
LONDON -(Dow Jones)- Chilean copper mining company Antofagasta PLC (ANTO.LN) said Tuesday that any shares it buys in Australia's Tethyan Copper Company Ltd. (TYC.AU) would be shared equally with potential partner Canada's Barrick Gold Corp. (ABX).

"We have decided with Barrick, whatever is the portion of the company that we buy, we'll share it 50-50," Antofagasta's Chief Executive Marcelo Awad said.

Barrick has been lined up as potential partner as Antofagasta attempts to buy Tethyan.

Antofagasta has said it is considering its options after its A$1.20 per share offer for Tethyan was trumped by Skafell Pty Ltd., a bid vehicle backed by Crosby Capital Partners Inc. (CSB.LN), a Hong Kong- and London-based merchant bank, Japan's IB Daiwa Corp., and a consortium of investors from London, the Middle East and Pakistan.

Awad didn't specify whether Antofagasta was prepared to increase its bid for Tethyan.

Separatelyy, Awad said Antofagasta isn't looking to buy BHP Billiton's (BHP) Tintaya mine in Peru. "We don't have any involvement in Tintaya," he said.

On March 6 Skafell put a A$1.35 offer on the table, the latest twist in a protracted bidding war that started with Skafell's bid for Tethyan at A$0.65 in May 2005.

Antofagasta originally proposed to become a joint-venture partner with Tethyan for its Pakistan assets, but then on February 14 came back with a A$190 million offer to acquire the whole company, intending to partner with Barrick over the Pakistani copper-gold projects.

Earlier Tuesday, Antofagasta reported a 21.5% rise in net profit to $725.8 million in 2005 and said it continued to look for "world-class" mining assets to extend its growth.

-By Jackie Range, Dow Jones Newswires; +44 20 7842 9257; jackie.range@ dowjones.com