Weir wins £53m contract at Barrick's Reko Diq project

(Sharecast News) - Mining tech group Weir has been awarded a £53m contract on the Reko Diq copper-gold project in Pakistan, a greenfield development part-owned by Barrick Gold Corporation that is said to be one of the largest mines of its kind in the world. During the first phase of the project, Weir will provide fine grinding, separation and tailings solutions, including its Enduron large-format high-pressure grinding rolls (HPGRs) and wet screens.

Half of the revenue (£26m) will be recognised in the third quarter, with the remaining orders booked for later in 2024 and 2025.

Reko Diq is 50% owned by Barrick, while three federal state-owned enterprises hold a combined 25% and the remaining 25% is held by the Government of Balochistan.

"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," said chief executive Jon Stanton.

"Our engineers have designed an innovative solution that comprehensively addresses the particular challenges of this project," he said.

Weir clarified that the receipt of this contract does not change its full-year guidance given last month, when it said that 2024 revenues will be at the "lower end of the range of current analyst estimates".