Canadian miner Barrick Gold says it and its joint venture (JV) partners in the Reko Diq project, in Pakistan, 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.

Barrick says this allows for the project to advance with major works this year, while maintaining the target for first production by the end of 2028.

At the same time, the JV partners have selected Fluor 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, on April 8, Barrick president and CE Mark Bristow said this important milestone reflected the support of the Pakistan government, as well as the provincial government of Balochistan, 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 and operated by Barrick.

“The selection of Fluor as our EPCM partner strengthens our ability to execute the Reko Diq project with the technical rigour, operational discipline and socio-environmental responsibility that are hallmarks of both companies,” said Bristow.

“We look forward to working closely with Fluor to ensure Reko Diq delivers lasting value to all our stakeholders, particularly the people of Balochistan and Pakistan.”

Barrick says Fluor will be supported by expert engineering consultants, including Knight Piesold, PRDW and Vecturis, who have worked with the Barrick owner’s team throughout the feasibility study.

Bristow said Fluor’s selection reflected a shared commitment to delivering large-scale mining projects safely, responsibly and efficiently, while maximising local content and community development.

Original-equipment manufacturers 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 own record of successfully developing and operating major projects in challenging jurisdictions around the world,” Bristow said.