Islamabad: The Reko Diq Joint Venture shareholders have officially approved the updated feasibility study for the Reko Diq copper-gold project in Balochistan, Pakistan.
This approval is conditional upon securing up to $3 billion in project financing.
The conditional approval enables the project to proceed with major works in 2025, aiming for first production by the end of 2028.
The joint venture comprises Barrick Gold (50%), the Government of Pakistan (25%), and the Government of Balochistan (25%).
Fluor Corporation, a U.S.-based firm, has been appointed as the lead Engineering, Procurement, and Construction Management (EPCM) partner.
Fluor will collaborate with the Barrick Owner’s Team on the detailed design and construction of the project.
Supporting Fluor are expert engineering consultants, including Knight Piesold, PRDW, and Vecturis, who have been involved throughout the feasibility study.
Additionally, global equipment providers Metso, Weir, and Komatsu have been selected as key partners to supply the majority of the processing and mining equipment.
Barrick Gold President and CEO Mark Bristow emphasized the significance of the strong partnership between Barrick and the governments of Balochistan and Pakistan in advancing the development of one of the world’s largest undeveloped copper-gold projects.
He highlighted that the selection of Fluor as the EPCM partner strengthens the project’s ability to execute with technical rigor, operational discipline, and socio-environmental responsibility.
Bristow expressed optimism about delivering lasting value to all stakeholders, particularly the people of Balochistan and Pakistan.
Located in the Chagai district of Balochistan, the Reko Diq project is expected to have a life of at least 38 years as a truck-and-shovel open-pit operation with processing facilities producing high-quality copper-gold concentrate.
Read More: Barrick Approves Project Plan for Reko Diq Copper-Gold Mine in Pakistan
The project is anticipated to generate approximately $74 billion in free cash flow over its 37-year lifespan, significantly boosting Pakistan’s economy.
Phase one of the project, estimated to cost $5.6 billion, is expected to commence production in 2028, with plans to increase capacity in subsequent phases.
The project’s development is expected to have a transformative impact on the Balochistan province through significant job creation and investment in local and regional development projects.
Barrick Gold has committed to responsible and sustainable mining practices, having completed the Environmental and Social Impact Assessment for the Reko Diq project.
Also Read: American Construction Secures Contract for Reko Diq Development
The company is also investing in community initiatives, including providing reliable clean and safe water to households and access to education for children in the region.
The project aims to create long-term value for the host communities and share the economic benefits generated to drive sustainable development.
