QUETTA: The Reko Diq Joint Venture shareholders have approved the project’s updated feasibility study and conditionally approved the associated Phase-1 development capital, subject to securing up to $3 billion in project financing.

The conditional approval allows the project to advance with major works in 2025, while maintaining the target for first production by the end of 2028.

The shareholders have also appointed the US-based firm Fluor Corporation as the lead Engineering, Procurement and Construction Management (EPCM) partner to work alongside the Barrick Owner’s Team on the detailed design and construction of the project.

Upon reaching this milestone, Barrick Gold President and CEO Mark Bristow underscored 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.

Clear capital for Phase-1 development, subject to securing $3bn in project financing

“The selection of Fluor as our EPCM partner strengthens our ability to execute the Reko Diq project with the technical rigour, operational discipline and socio-environmental responsibility that are hallmarks of both companies,” said Mr Bristow. “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.”

Located in Balochistan, the Reko Diq project is operated by the Canada-based mining company Barrick Gold. The mine is jointly owned by Barrick Gold (50pc), the Pakistan government (25pc) and the government of Balochistan (25pc).

Fluor will be supported by a range of expert engineering consultants including Knight Piesold, PRDW and Vecturis, who have worked with the Barrick Owner’s Team throughout the feasibility study.

Additionally, global equipment providers Metso, Weir and Komatsu have also been selected as key partners to the project, providing the majority of the processing and mining equipment.

Published in Dawn, April 16th, 2025