Barrick Gold's (ABX) Pakistan Gold/Copper Project Ruling Imminent

A report from Chile's Diario Financiero said Barrick Gold (NYSE:ABX) and partner Antofagasta (LSE:ANTO) will receive a ruling from the Pakistani supreme court concerning the Reko Diq mining lease.

The gold and copper project is valued at about $3.3 billion, and the decision will be the result of a probe into the awarding of the concession.

Pakistan's ambassador to Chile, Burhanul Islam, said "the court's decision is expected in about a month." A decision on the concession will be made before the lease application is taken up.

Barrick CEO Aaron Regent recently said on the earnings call of the company, "Until we have clarity about that, that would be premature for us to include anything in our reserves. There is a lot of support for the project, so I would be cautiously optimistic, but I don't want to over-promise anything."

According to a report from Antofagasta, the Reko Diq mine has an estimated mineral resource of 5.9 billion tons with an average copper grade of 0.41 percent and an average gold grade of 0.22 grams a ton.

The two companies joint venture as Tethyan Copper Co (TCC).

Barrick Gold closed Friday at $51.40, gaining $0.76, or 1.50 percent.