Barrick Gold said that the Reko Diq joint venture has secured shareholder approval for the revised feasibility study of the copper-gold project located in Pakistan.
Additionally, shareholders gave a conditional approval for the associated Phase 1 development capital. This is subject to the close of up to $3bn in limited recourse project financing.
According to Barrick Gold, this milestone enables preparatory works to continue in 2025, with initial production targeted by the end of 2028.
The decision paves the way for large-scale development activities at the Reko Diq copper-gold project located in Balochistan province.
The project is operated by Barrick Gold, which holds a 50% stake. The remaining ownership is split between three federal state-owned enterprises (25%) and the Government of Balochistan (25%).
Fluor has been selected as the lead engineering, procurement and construction management (EPCM) provider.
Fluor will support the Barrick Owner’s Team in delivering the project’s design and construction. Engineering consultants Knight Piesold, Vecturis, and PRDW will continue to contribute expertise following their involvement in the feasibility study.
Barrick Gold president and chief executive Mark 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.”
Additional key suppliers to the Reko Diq project include Metso, Weir, and Komatsu, which will provide the majority of processing and mining equipment.
Last week, Capital entered into a multi-year mining services agreement with Reko Diq Mining Pakistan, the operating entity managed by Barrick. The contract, which began in early 2025 and runs through December 2028, has an option for a five-year extension.
Barrick Gold had previously disclosed that the revised feasibility study of the Reko Diq project estimates a 37-year mine life with an overall capital investment of $8.83bn on a 100% basis. This investment will be deployed across two phases.
Phase 1 is projected to cost between $5.6bn and $6bn, excluding financing expenses. Barrick Gold’s board of directors conditionally approved the development of Phase 1 in February 2025, contingent upon securing the $3bn in project financing. Based on this assumption, Barrick Gold’s equity contribution is expected to fall between $1.8bn and $2bn.
Early construction activities began in the first quarter of 2025. Under the current feasibility plan, Phase 1 will process 45 million tonnes per annum (Mtpa) of mill feed, yielding approximately 240,000 tonnes of copper and 297,000 ounces of gold annually on a 100% basis.
By 2034, the project aims to expand operations to 90Mtpa under Phase 2, boosting output to an average of 460,000 tonnes of copper and 520,000 ounces of gold annually for the subsequent decade. The peak mining rate is projected to reach 250Mtpa by 2044.
Five of the 15 known porphyry surface expressions within the mining lease will be developed during this initial phase, highlighting further exploration and development potential. Barrick Gold estimates that the project will rank among the top 10 global copper producers once operational, with a projected C1 cash cost of $0.53 per pound.
The long-term outlook for Reko Diq includes exploration work to assess whether the mine’s operating life can extend beyond the current 37-year projection.
