Business
Capital signs mining services contract at Reko Diq
Capital signs mining services contract at Reko Diq.
About this update from Capital Limited
[{"type":"text","content":"\n\nCapital Limited\n(\"Capital\", the \"Group\" or the \"Company\")\n \nCapital signs major mining services contract with Reko Diq Mining Pakistan Limited (operated by Barrick) at Reko Diq\n \nCapital (LSE: CAPD), a leading mining services company, is pleased to announce the signing of a material mining services contract at Reko Diq. \n \nMining services contract with Barrick at Reko Diq:\n \nThe Company is pleased to announce that it has concluded formal negotiations and has signed a mining services contract with Reko Diq Mining Pakistan Limited, operated by Barrick, for the world-class Reko Diq project. This transformative agreement sets the stage for long-term success, with operations extending through to December 2028 and generating over $60 million in annual revenue once fully operational. The agreement also includes a provision for a five-year contract extension after 2028.\n \nContract Highlights:\nTwo Major Scopes of Work:\n1. Early Works Civils:\no As the project's foundation, this scope focuses on the construction phase at Reko Diq, prior to first production.\no Leveraging our mining equipment previously at Belinga, we will hit full run rate from Q4 2025. This equipment is already on-site with commissioning underway.\no Onboarding of the workforce is nearly complete and operational training has commenced. \n2. Tailings Storage Facility (TSF) Mining Services:\no This phase focuses on the construction and ongoing maintenance of the tailing storage facility.\no Utilising the majority of the fleet from Sukari, our team will commence operations at the start of Q4 2025, reaching full utilisation in the second half of 2026.\n \nExpanding Our Presence at Reko Diq:\nWith this contract, we are significantly expanding our service offering at the Reko Diq copper-gold project, building on our proven track record since 2023 and our longer-term association with Pakistan dating back to 2008. Alongside the new civils and TSF services, we will continue to deliver reverse circulation and diamond drilling geotechnical services, showcasing our unwavering commitment to operational excellence and project success.\nThis is an exciting new chapter for Capital and a testament to our ongoing partnership with Pakistan and Barrick. We lo...