Reko Diq Mining Pakistan signs mining services contract with U.K.-based Capital Limited

Reko Diq Mining Pakistan Limited has entered into a mining services agreement with U.K.-based Capital Limited, marking a major step in the development of the Reko Diq copper-gold project, one of the world’s largest and most cost-efficient operations.

The long-term contract, effective through December 2028, is expected to generate more than $60 million annually at full capacity and includes an option for a five-year extension, announced on London Stock Exchange on Wednesday.

Under the agreement, Capital will handle early civil works, pre-production construction and tailings storage facility mining services, including construction and maintenance. Operations are scheduled to begin in the fourth quarter of 2025, with full equipment deployment in later phases. Mining equipment previously used at Belinga and Sukari will be utilized, and workforce onboarding is nearly complete.

Capital has expanded its presence at Reko Diq after providing drilling services since 2023 and maintaining ties to Pakistan since 2008. The company will continue offering geotechnical drilling services alongside the new contract.

“Reko Diq is set to be the next truly major copper operation in the world,” said Jamie Boyton, executive chair of Capital.

“We are excited to bring our services to the site at the very beginning of its development, first through drilling and now mining services.”

The Reko Diq project is jointly owned by Barrick (50%), three federal state-owned enterprises (25%) and the Government of Balochistan (25%). It is projected to be among the top 10 global copper mines, with an estimated 37-year mine life and potential for further expansion.

Barrick’s feasibility study estimates a C1 cash cost of $0.53 per pound of copper, positioning Reko Diq as one of the lowest-cost operations worldwide.