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Business & Finance

Weir Group secures £53mn order for Reko Diq copper-gold project in Pakistan

  • Scottish multinational engineering company will supply fine grinding, separation, and tailings solutions for the project's first phase
Published August 20, 2024

The Weir Group, a global leader in mining technology, has secured a £53 million (USD 69 million) order for mining equipment for the Reko Diq greenfield copper-gold project in Pakistan.

The Scottish multinational engineering company, headquartered in Glasgow, announced on Tuesday that it will supply fine grinding, separation, and tailings solutions for the project’s first phase, located in Balochistan province.

Reko Diq project is a significant mining and development initiative located in the Chagai District of Balochistan.

The project is strategic part of Canadian mining company Barrick Gold’s copper portfolio and represents one of the largest undeveloped copper-gold projects in the world.

Barrick Gold delegation calls on PM: ‘Reko Diq project’s feasibility to be completed this year

Reko Diq is owned 50% by Barrick, 25% by three federal state-owned enterprises, 15% by the Province of Balochistan on a fully funded basis and 10% by the Province of Balochistan on a free carried basis.

“We are delighted to have secured this significant contract which represents further industry acceptance of Weir’s differentiated sustainable and cost-effective redefined flowsheet solution, with our market leading HPGR technology particularly suited for the water-scarce climate and geology of the Reko Diq copper-gold project,” Weir CEO Jon Stanton, commented.

Barrick President and CEO Mark Bristow also expressed satisfaction with the partnership, stating: “Barrick is pleased to be partnering with Weir in delivering sustainable mining and processing in the new mining frontier of Balochistan. The Reko Diq project will grow Barrick’s strategically significant copper and gold portfolios, benefiting all its Pakistan and Balochistan stakeholders.”

Last month, Chinoy Engineering & Construction (Pvt) Limited (CECL), an associated company of International Industries Limited (INIL), secured a contract to construct a Permanent Accommodation Camp at Reko Diq, Balochistan.

Comments

200 characters
test Aug 20, 2024 03:34pm
Barrick Gold is a clear example of Elite Greed that will not even spare a country who is living on lended money. Did anybody knew how white people ruled over asians and blacks ? Ask the Elite Classes.
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Mumtaz Malik Aug 20, 2024 03:49pm
Reko Diq represents one of the largest copper and gold reserves in the world having estimated reserves of 5.9 billion tonnes of ore grading 0.41%
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Mumtaz Malik Aug 20, 2024 03:50pm
Billion tonnes of ore grading 0.41% copper and gold reserves amounting to 41.5 million oz, and a mining life of at least 40 years.
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Mumtaz Malik Aug 20, 2024 03:51pm
Reko Diq is nestled in the Chagai district of Balochistan, the largest district by area, with close proximity to the Afghanistan and Iran borders.
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Mumtaz Malik Aug 20, 2024 03:51pm
The district is characterized by arid and semi-arid terrain with vast deserts, mountain ranges, and sparse vegetation.
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Mumtaz Malik Aug 20, 2024 03:52pm
Sources indicated that the project requires $3 billion to $3.5 billion in debt financing.
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Mumtaz Malik Aug 20, 2024 03:53pm
There are several gold mines in Pakistan, including the Saindak mine in Balochistan, the Reko Diq mine in Balochistan, and the Baat mine in the north of the country.
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Mumtaz Malik Aug 20, 2024 03:53pm
However, the gold mining industry in Pakistan is still in its developing stages, and there is room for growth and expansion.
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Mumtaz Malik Aug 20, 2024 03:56pm
The world's largest importers of this commodity group in 2022: China - 58% of the world imports ($56 billion) Japan - 14.2% ($13.7 billion) Korea - 6.84% ($6.57 billion)
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Mumtaz Malik Aug 20, 2024 03:57pm
China is the World's Largest Producer and Consumer of Copper Materials, with Wide Applications in Renewable Energy, Electric Vehicles and Other Fields.
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Mumtaz Malik Aug 20, 2024 04:00pm
Chiniot District has a 250 million-1 Billion ton of iron ore and 15MT-60MT copper reserve valued at a minimum of $8 Billion.
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Mumtaz Malik Aug 20, 2024 04:00pm
Phase 1 of mining will last for about 40 years. Investment required to setup the mining and steel mill is $1.27 Billion.
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test Aug 20, 2024 05:17pm
@Mumtaz Malik, Our elite class gave 50% share to the Barrick Gold which brought 0 investment to the country after the agreement nearly 2 decades ago. Elite Class will sell the country if they want to.
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Usman Aug 20, 2024 08:11pm
@test, dont forget to mention that it was done under the pti rule where they ceeded to international courts as the lawyers did not work hard.
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Test Aug 20, 2024 11:47pm
@test, we must recover all gold and give to balochistan
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mujaddid Aug 21, 2024 12:03am
Unfortunately we pakistanis have to pay the shares 50% to canadians explorer why not we do our own.
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Junaid Yaqoob Aug 21, 2024 09:29am
@Mumtaz Malik, All will be eaten by elite class!
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Junaid Yaqoob Aug 21, 2024 09:29am
All will be eaten by elite class
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Junaid Yaqoob Aug 21, 2024 09:56am
Unfortunately the elites will eat
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