06:36 AM EDT, 04/08/2025 (MT Newswires) -- Barrick Gold ( GOLD ) on Tuesday said shareholders of the Reko Diq joint venture approved the project's updated feasibility study and conditionally approved the associated Phase 1 development capital, allowing the project to advance with major works in 2025.

The Phase 1 development capital is subject to the closing of up to US$3 billion limited recourse project financing. The company maintained the target for first production by the end of 2028. Barrick will serve as the project operator.

The shareholders have selected Fluor as the lead engineering, procurement and construction management partner for the detailed design and construction of the project, which is located in Pakistan.

Barrick's share price at last look gained 2.9% to US$18.15 in U.S. pre-market trading on Tuesday.