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Barrick Gold Corporation GOLD recently stated that Reko Diq Joint Venture (JV) shareholders have approved the project's revised Feasibility Study and conditionally approved related Phase 1 development capital, subject to the closing of up to $3 billion in limited recourse project financing. The approval clears the way for significant works to begin in 2025, with the goal of starting production by the end of 2028.
In addition, the shareholders have selected Fluor Corporation as the main Engineering, Procurement and Construction Management (EPCM) partner to work with Barrick's Owner's Team on the project's detailed design and construction.
The Reko Diq project, located in Balochistan, Pakistan, is being operated by Barrick. Fluor's appointment as the EPCM partner enhances the company's capability to execute the project with the technical expertise, operational discipline and socio-environmental responsibility that both Barrick and Fluor are known for. Fluor will collaborate with a range of specialized engineering consultants, including Knight Piesold, PRDW and Vecturis, who have supported Barrick's Owner’s Team throughout the Feasibility Study. The choice of Fluor reflects a shared dedication to safely, responsibly and efficiently delivering large-scale mining projects, with a focus on maximizing local content and fostering community development. Additionally, Metso, Weir and Komatsu have been selected as key partners, providing the majority of the processing and mining equipment for the project.
These engineering and supply partnerships bring significant global experience in executing large copper concentrate projects in demanding regions, including high-altitude, remote and logistically complex areas. This expertise closely aligns with Barrick's proven history of successfully developing and operating major projects in similarly challenging locations around the world.
Barrick’s shares have lost 2.1% in the past year against a 25.5% rise of the industry.
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For 2025, Barrick anticipates attributable gold production to be in the range of 3.15-3.5 million ounces. All-in sustaining costs (AISC) are projected to be $1,460-$1,560 per ounce for 2025. Cash costs per ounce are forecast to be $1,050-$1,130. The company also expects to see a cost of sales of $1,460-$1,560 per ounce.
GOLD expects a copper production of 200,000-230,000 tons at AISC of $2.80-$3.10 per pound, cash costs per ounce of $1.80-$2.10 and cost of sales of $2.50-$2.80 per pound.