Tethyan Copper, an Australian mining group involved in a 2.4 billion tonne copper project in Pakistan and fighting a hostile £42 million bid backed by ambitious Crosby Capital Partners, plans to list on AIM this month. It is understood that leading London broker Numis is to handle the introduction of Tethyan, headed by geologist David Moore, which has agreed a joint venture with UK-listed copper heavyweight Antofagasta to develop the Reko Diq copper and gold project in Pakistan’s Balochistan region.

Already listed in Australia, Tethyan will this month ask shareholders to approve the joint venture. This would give Antofagasta, with its vast Chilean copper interests, participation in the Reko Diq project and a 19 per cent stake in Tethyan. Another mining giant, BHP Billiton, is also involved.

Headed by ex-Nomura star Simon Fry, AIM-quoted Crosby Capital is backing a bid for Tethyan from a corporate vehicle, Skafell. This is owned by IB Daiwa, a Japanese resource hopeful, where Crosby holds a de facto controlling 30 per cent.

IB Daiwa has upped its Tethyan bid already from 64 cents to 77.5 cents (32.5p) a share. Tethyan, standing above the bid price at 90 cents (37.5p), has strong partners, but Crosby, with a £233 million AIM tag at 96p, can be a tough player.

Tethyan’s AIM debut should offer investors some sport.