Weir Group Secures £53m Contract for Reko Diq Copper-Gold Project in Pakistan
Weir Group, a mining specialist, has secured a £53 million contract for the Reko Diq copper-gold project in Pakistan's Balochistan province, a greenfield development 50% owned by Barrick. The project aims to commence production in 2028, with a projected mine life exceeding 40 years.
In the first phase of the project, Weir Group will be paid £26 million to supply fine grinding, separation, and tailings solutions, including its large format high pressure grinding rolls (HPGR), touted as the highest capacity design in the market. The remaining £27 million will be recognized in the last quarter of 2024 and the first quarter of 2025.
Weir will also establish an on-site, purpose-built service centre staffed with technical personnel to support Barrick's operations. The contract, while significant, does not alter Weir's full-year 2024 financial guidance.
Weir Group CEO Jon Stanton expressed his satisfaction with securing the contract, highlighting the company's innovative and sustainable solutions tailored to the water-scarce climate and unique geology of the Reko Diq site. Barrick CEO Mark Bristow also welcomed the partnership, emphasizing the strategic importance of the Reko Diq project in expanding Barrick's copper and gold portfolios while benefiting stakeholders in Pakistan and Balochistan.
