Canadian miner Barrick Gold has announced that shareholders in the Reko Diq joint venture (JV) in Pakistan have approved an updated feasibility study for the Reko Diq copper-gold project and conditionally approved its related phase one development capital.
This approval is contingent on securing up to $3bn (C$4.26bn) in limited recourse project financing, paving the way for major works to commence in 2025.
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The Reko Diq project is 50% owned by Barrick Gold, 25% by three federal state-owned enterprises and 25% by the Government of Balochistan.
Operated by Barrick, the project is located in the Balochistan Province of Pakistan and considered to be one of the world’s largest untapped copper-gold resources.
Barrick president and CEO Mark Bristow highlighted this milestone during the Pakistan Minerals Investment Forum in Islamabad, noting strong support from the governments of Balochistan and Pakistan.
The Reko Diq project remains on track for first production by the end of 2028.
Additionally, Fluor has been chosen as the lead engineering, procurement and construction management (EPCM) partner for the project.
The company will collaborate closely with the Barrick Owner’s Team on the detailed design and construction phases.
Bristow said: “The selection of Fluor as our EPCM partner strengthens our ability to execute the Reko Diq project with the technical rigor, operational discipline and socio-environmental responsibility that are hallmarks of both companies.
“We look forward to working closely with Fluor to ensure that Reko Diq delivers lasting value to all our stakeholders, particularly the people of Balochistan and Pakistan.”
Fluor’s involvement will be bolstered by a consortium of engineering consultancies including Knight Piesold, PRDW and Vecturis, which have contributed to the feasibility study.
Metso, Weir and Komatsu have also been selected as key partners, supplying the majority of the processing and mining equipment necessary for the project.
Weir secured a $68.94m contract to supply energy-efficient solutions to the Reko Diq project in August 2024.
Bristow said: “These engineering and supply partnerships bring extensive global experience in delivering large copper concentrate projects in challenging jurisdictions, including high-altitude, remote and logistically complex environments. This expertise aligns strongly with Barrick’s own track record of successfully developing and operating major projects in challenging jurisdictions around the world.”
Earlier this month, Capital signed a material mining services contract for the Reko Diq project.
