London-listed drilling and mining contractor Capital has confirmed it is expanding its presence at Barrick’s major new copper-gold mine in Pakistan.
The company will build the multi-billion-dollar Reko Diq project’s tailings storage facility and complete early civil works through to the end of 2028, generating more than US$60 million of annual contract revenue when the work ramps up.
Capital has been providing drilling and geotechnical services at Reko Diq since 2023.
“Reko Diq is set to be the next truly major copper operation in the world and so it is exciting for us to be bringing our services to the site at the very beginning of its development, first through drilling and now adding mining services,” said Capital executive chair Jamie Boyton.
“We are also thrilled to be able to redeploy the majority of our mining kit from our previous two mining contracts and continue to drive a return from this investment.”
Capital said the deal included a provision for a five-year contract extension after 2028.
Reko Diq is owned 50% by Barrick, 25% by three Pakistan state-owned enterprises and 25% by the Government of Balochistan.
Capital’s shares have traded down nearly 20% in the past month, capitalising the company at about £121 million.
