Taung Gold International Ltd. said Dec. 29 that it has selected MCC International Inc. Ltd. to negotiate an engineering, procurement and construction contract to develop the EL127 exploration license area in Pakistan's Balochistan province by Dec. 31, 2018.

A day earlier, the Hong Kong-listed company acquired the EL127 exploration license for copper, gold and other minerals for HK$146 million.

The amount will be paid in two tranches, with HK$60 million to be paid within three days and the remaining amount to be settled following closing.

MCC, which is a subsidiary of Metallurgical Corp. of China Ltd., will also assist the company in negotiations with the local government to use relevant infrastructure and equipment for the project.