Barrick Gold advances Reko Diq copper-gold project with $3bn financing

April 09, 2025 (MLN): Barrick Gold Corporation and its partners in the Reko Diq Joint Venture have approved the project's updated Feasibility Study and conditionally authorized Phase 1 development capital, pending the closure of up to $3 billion in limited recourse project financing.

This development allows for major works to commence in 2025, with the first production targeted by the end of 2028.

At the same time, the shareholders have selected Fluor Corporation as the lead Engineering, Procurement and Construction Management (EPCM) partner to work alongside the Barrick Owner’s Team in the detailed design and construction of the project.

Speaking from the Pakistan Minerals Investment Forum in Islamabad yesterday, Barrick president and chief executive Mark Bristow said this important milestone reflected the support of the governments of Balochistan and Pakistan, in partnership with Barrick, to develop one of the world’s largest undeveloped copper-gold projects. The project is located in the province of Balochistan, Pakistan, and operated by Barrick.

“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,” said 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.”

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.

Bristow said the selection of Fluor reflects a shared commitment to delivering large-scale mining projects safely, responsibly and efficiently while maximizing local content and community development.

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

“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 track record of successfully developing and operating major projects in challenging jurisdictions around the world,” Bristow said.

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