The Reko Diq Joint Venture shareholders have given the green light to the project’s updated Feasibility Study and conditionally sanctioned Phase 1 development capital.
This approval is contingent on securing up to $3 billion in limited recourse project financing, setting the stage for significant progress in 2025. The target for first production remains by the end of 2028.
In a significant development, Fluor Corporation has been appointed as the lead Engineering, Procurement, and Construction Management (EPCM) partner. They will collaborate closely with the Barrick Owner’s Team on the detailed design and construction phases.
Mark Bristow, Barrick’s president and chief executive, highlighted the robust partnership between Barrick and the governments of Balochistan and Pakistan. He described the Reko Diq project, situated in Balochistan, as one of the world’s largest undeveloped copper-gold ventures, operated by Barrick and co-owned by the federal and provincial governments.
Bristow emphasized, “The selection of Fluor as our EPCM partner enhances our capacity to execute the Reko Diq project with technical precision, operational discipline, and socio-environmental responsibility.” He expressed anticipation in working alongside Fluor to ensure the project delivers value to stakeholders, especially the people of Balochistan and Pakistan.
Fluor will be bolstered by expert engineering consultants, including Knight Piesold, PRDW, and Vecturis, who have been involved throughout the Feasibility Study. Bristow noted that the choice of Fluor demonstrates a mutual dedication to delivering large-scale mining projects safely and effectively, with a focus on local content and community development. Key partners Metso, Weir, and Komatsu will supply the majority of processing and mining equipment.
Bristow remarked, “These engineering and supply partnerships bring vast global experience in executing large copper concentrate projects in challenging locations, aligning well with Barrick’s proven track record in such environments.”