Lycopodium wins $55m study with Barrick

Engineering services company Lycopodium has secured a $55 million deal for the study and scope of Barrick Gold Corporation’s Reko Diq copper-gold project.

East Perth-based Lycopodium today advised the market it had executed a feasibility study and basic engineering agreement with Barrick Gold for the project in Pakistan.

Barrick Gold, based in Canada, announced Lycopodium as its preferred tenderer for the feasibility study and basic engineering agreement in early May.

The feasibility study will cover the first phase, the processing capacity of 40 million tonnes per annum, and the second phase of increasing the output to 80mtpa, according to Lycopodium.

However, the basic engineering will only be performed on the first phase of the project, over the process plant and associated infrastructure.

“Work is ongoing, with the feasibility study scheduled for completion in Q4 2024 and basic engineering commencing in October 2024 and finishing in Q2 2025,” Lycopodium said.

“Lycopodium will also partner with the Barrick project team for the coordination and interface management of all Barrick engaged subconsultants providing inputs into the feasibility study.”

In May, Lycopodium managing director Peter De Leo said the construction and operation of the Reko Diq mine would significantly contribute to Pakistan’s economy.

“This project will unlock one of the largest undeveloped copper assets in the world, and we are extremely proud to be given this opportunity to work with Barrick to bring this exciting and meaningful project to fruition,” he said.

The Reko Diq project has been described as one of the largest undeveloped copper gold deposits in the world and is located in the Tethyan Belt in the north-west corner of Pakistan’s Balochistan province.

It is expected to have a mine life of 40 years as an open-pit operation.