Lycopodium wins more work in Pakistan

Staff reporter

Australia’s Lycopodium has picked up a further A$30 million services contract at the Reko Diq copper-gold project in Pakistan, following on from last year’s award of basic engineering and feasibility study work by half owner, Barrick Gold Corporation.

Reko Diq’s village and associated infrastructure, quarries, access roads and fuel depots are part of the early works scope of the new contract, which is expected to be completed by the middle of 2025.

Lycopodium said it now had about $85 million of work at Reko Diq.

“We are extremely pleased to be given this opportunity to continue to work with Barrick in the development of this economically and socially significant project that will transform the Balochistan province, creating jobs and driving investment in regional development programs,” said the company’s managing director, Peter De Leo.

Barrick Gold is targeting 2028 for production from the proposed circa-80 million tonnes per annum, 40-year openpit copper-gold project, on the region’s famed Tethyan Belt.

Lycopodium’s share price is down more than 10% year-to-date at $11.02, capitalising the company at A$438 million.


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