QUETTA: The shareholders of the Reko Diq Joint Venture have given the green light to an updated feasibility study for the project and have conditionally approved funding for Phase-1 development—pending the successful arrangement of up to $3 billion in project financing.
This conditional approval paves the way for major construction and development work to begin in 2025, with the aim of achieving first production by the end of 2028.
As part of the project’s progression, US-based Fluor Corporation has been appointed as the lead Engineering, Procurement, and Construction Management (EPCM) contractor. Fluor will collaborate with the Barrick Owner’s Team on the project’s detailed design and construction phases.
Commenting on this development, Barrick Gold President and CEO Mark Bristow highlighted the critical role of collaboration between Barrick and the governments of Balochistan and Pakistan in moving forward one of the world’s largest untapped copper-gold deposits.
“The appointment of Fluor as our EPCM partner enhances our ability to deliver the Reko Diq project with the technical excellence, operational discipline, and socio-environmental responsibility that both companies are known for,” said Bristow. “We look forward to working closely with Fluor to ensure the project brings long-term benefits to all stakeholders, especially the people of Balochistan and Pakistan.”
Situated in Balochistan, the Reko Diq project is operated by Canada’s Barrick Gold, which holds a 50% stake. The remaining ownership is split equally between the government of Pakistan and the provincial government of Balochistan, each holding 25%.
Fluor will be supported by experienced engineering firms such as Knight Piésold, PRDW, and Vecturis, who have been actively involved in the feasibility phase. In addition, major international suppliers — Metso, Weir, and Komatsu — have been selected as key partners to provide most of the processing and mining equipment for the project.
