Name of the Project
Reko Diq copper/gold project.

Location
Balochistan, Pakistan.

Project Owner/s
Barrick Gold owns 50% of Reko Diq and is developing and will operate the mine. The Balochistan province, which hosts the deposit, has a 25% share and the federal government holds the other 25% through State-owned entities.

Project Description
Reko Diq is one of the world’s biggest undeveloped copper/gold deposits. It will be a multigenerational mine with a life of at least 37 years. The contemplated mine plan is based on four porphyry deposits within Barrick’s land package.

The project is envisaged to be developed in two phases. 

Phase 1 is planned to produce 45-million tonnes of mill feed processed a year, ramping up to production of 240 000 t/y of copper and 297 000 oz/y of gold on a 100% basis. 

By 2034, Phase 2 will expand operations to 90-million tonnes a year, increasing production to an average of 460 000 t/y of copper and 520 000 oz/y of gold for the first ten years (2034 to 2043). Mining will reach its peak of 250-million tonnes a year in 2044.

The mining operation will use electric rope shovels, diesel hydraulic excavators and 360 t ultraclass haul trucks. The processing plant comprises a three-stage crushing circuit, ball milling and conventional flotation.

Saline groundwater, located about 300 m to 750 m below the surface, which is not suitable for drinking or irrigation, is planned as the primary water supply sourced from a nearby aquifer; power is produced through a combination of heavy fuel oil generators, solar systems and battery energy storage. Future integration into Pakistan’s national grid is planned for Phase 2.

Potential Job Creation
During peak construction periods, the project will employ 7 500 people and, once in production, will create about 4 000 long-term jobs.

Net Present Value/Internal Rate of Return
Based on a three-year trailing average copper price of $4.03/lb and gold price of $2 045/oz, Barrick estimates the project will deliver an internal rate of return of 21.32%.

Capital Expenditure
$8.83-billion, with Phase 1 having an estimated total capital cost of $5.6-billion to $6-billion.

Planned Start/End Date
Early works construction started during the first quarter of 2025, with first production anticipated by the end of 2028.

Latest Developments
The Reko Diq joint venture shareholders have approved the project’s updated feasibility study. They have also conditionally approved the associated Phase 1 development capital, subject to the closing of up to $3-billion in limited recourse project financing. This will allow for the project to advance with major works in 2025, while still targeting first production by the end of 2028.

The shareholders have also selected Fluor Corporation as the lead engineering, procurement, and construction management (EPCM) partner. Fluor will work alongside the Barrick Owner’s Team on the detailed design and construction of the project.

Key Contracts, Suppliers and Consultants
Fluor Corporation (EPCM).

Contact Details for Project Information
Barrick Gold investor and media relations Kathy du Plessis, tel +44 20 7557 7738 or emailbarrick@dpapr.com.