ISLAMABAD: Shareholders of the Reko Diq joint venture have approved the project's latest feasibility study along with the development investment for Phase One.

According to a press release issued by Reko Diq Mining Company, the approval is contingent upon securing up to $3 billion in limited-recourse project financing.

With this approval, major construction work is set to begin in 2025. The feasibility study maintains the target for first production by the end of 2028.

Shareholders have appointed Fluor Corporation as the main partner for engineering, procurement, and construction management. Fluor will collaborate with Barrick's owner team on detailed design and construction activities.

Barrick President and CEO Mark Bristow stated that Reko Diq is one of the world’s largest undeveloped copper and gold projects. He emphasized the strong partnership between the Government of Balochistan, the federal government, and Barrick for the project's development.

Located in Chagai district, Balochistan, the Reko Diq project is operated by Barrick in partnership with the federal and provincial governments.

Bristow said that selecting Fluor Corporation for the detailed design and construction reflects the project’s commitment to global standards, technical excellence, discipline, and social and environmental responsibility.

He added that Barrick is committed to working closely with Fluor Corporation to ensure long-term benefits for the people of Balochistan and Pakistan.

Fluor Corporation will also be supported by expert engineering consultants, including Knight Piésold, PRDW, and Victorious, who collaborated with Barrick during the feasibility study.

Bristow noted that Fluor is committed to delivering large-scale mining projects in a safe, responsible, and efficient manner, with a focus on promoting local employment, supply chain development, and community upliftment.

Key partners such as Metso, Weir, and Komatsu have also been selected to provide processing and mining machinery. These engineering and supply partners bring world-class expertise in developing major copper projects in mountainous, remote, and challenging locations.

He said that this aligns with Barrick’s proven capability to deliver large-scale projects in challenging regions around the globe.

According to the press release, Reko Diq is a world-class copper and gold deposit located in Chagai, Balochistan, currently under development. It is among the world’s largest undeveloped copper-gold projects.

Barrick holds a 50 percent stake in Reko Diq, while three federal entities collectively hold 25 percent, the Government of Balochistan holds 15 percent with full financial support, and an additional 10 percent is held without any financial obligation.

The first production from Reko Diq is targeted for 2028. The project is expected to operate for at least 40 years, using open-pit mining with trucks and shovels, and producing high-quality copper and gold concentrate through processing plants.

The construction will be carried out in two phases, with a total annual processing capacity of 90 million tons. The project is set to play a significant role in Pakistan’s economy and will generate employment, promote regional development, and improve social outcomes in Balochistan.

Barrick’s policies prioritizing local hiring and suppliers are expected to have a positive impact on the communities of Chagai district.