20 August 2024
Press Release
Weir awarded £53m redefined
flowsheet contract for Reko Diq greenfield copper-gold project in
Pakistan's Balochistan Province
The first call-off order of £26m,
which includes both ENDURON® large format High Pressure
Grinding Rolls (HPGR) and wet screens, will be recognised in Q3
with the remaining orders booked later in 2024 and early
2025.
The Weir Group PLC (Weir), a global
mining technology leader, has been awarded a £53m contract to
provide industry-leading energy efficient, sustainable solutions to
the Reko Diq copper-gold project, a 50% owned greenfield
development by Barrick Gold Corporation (Barrick). The tier one
copper project is located in the Chagai district of Balochistan and
is targeting first production in 2028 with an estimated mine life
of 40+ years.
During the first phase of the
project, Weir will provide fine grinding, separation and tailings
solutions. Featured equipment includes Weir's market leading
ENDURON® HPGRs, ENDURON® Elite wet and dry
vibrating screens, WARMAN® slurry pumps, and
CAVEX® hydrocyclones. Among the equipment to be provided
are Weir's large format HPGRs - the highest capacity design in the
market.
The initial £53m contract award will
be recognised in the order book in accordance with a phased
call-off aligned with manufacturing lead times, with £26m
recognised immediately and the remaining orders to be booked in Q4
2024 and Q1 2025. After commissioning of the equipment,
aftermarket support will be provided via an on-site purpose-built
service centre staffed with Weir technical personnel.
The receipt of orders associated with
the contract award during 2024 does not result in a change to
Weir's full year 2024 financial guidance as of 30 July
2024.
Commenting on the contract award, Jon
Stanton, Chief Executive Officer of Weir said:
"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. Our engineers have designed an innovative solution that
comprehensively addresses the particular challenges of this project
and is a great example of working in close partnership with an
ambitious customer who shares in our purpose to sustainably and
efficiently deliver the natural resources essential to create a
better future for our world."
"Barrick is pleased to be partnering with Weir in delivering
sustainable mining and processing in the new mining frontier of
Balochistan. The Reko Diq project will grow Barrick's strategically
significant copper and gold portfolios, benefiting all its Pakistan
and Balochistan stakeholders," said
Mark Bristow, Barrick President and CEO.
About The Weir Group PLC
Founded in 1871, The Weir Group PLC
is one of the world's leading engineering businesses with a purpose
to make its mining and infrastructure customers' operations more
sustainable and efficient. Weir's highly engineered technology
enables critical resources to be produced using less energy, water
and waste while reducing customers' total cost of ownership. Weir
is ideally positioned to benefit from structural trends that
support long-term demand for its technology including the need for
more essential metals to support economic development and carbon
transition. The Group has c.12,000 employees operating in over 50
countries with a presence in every major mining region of the
world. Find out more at www.global.weir.
Weir's ordinary shares trade on the
London Stock Exchange (ticker: WEIR LN) and its American Depositary
Receipts trade over-the-counter in the USA (ticker: WEGRY).