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 the closing of up to $3 billion limited recourse project financing. This allows the project to advance with major works in 2025 while maintaining the target for first production by the end of 2028, according to a news release. Simultaneously, the shareholders selected Fluor Corporation as the lead Engineering, Procurement and Construction Management (EPCM) partner. Fluor will collaborate with the Barrick Owner’s Team on the detailed design and construction of the project. Barrick President and CEO Mark Bristow highlighted the importance of the strong partnership between Barrick and the governments of Balochistan and Pakistan in developing one of the world’s largest undeveloped copper-gold deposits. Operated by Barrick, the Reko Diq project is jointly owned by the Federal government of Pakistan and the provincial government of Balochistan. “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”, he added. Fluor will be supported by engineering consultants, including Knight Piesold, PRDW, and Vecturis, who contributed to the Feasibility Study. Bristow emphasized that Fluor’s selection reflects a joint commitment to executing large-scale mining projects responsibly and efficiently while maximizing local content and community development. Key equipment suppliers such as Metso, Weir, and Komatsu have also been engaged to provide the majority of processing and mining equipment. “These engineering and supply partnerships bring extensive global experience delivering large copper concentrate projects in challenging jurisdictions. This aligns strongly with Barrick’s record of developing and operating major projects in difficult conditions,” added Bristow.