IGO to record impairment against nickel assets in strategy shift
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Fleet Space Technologies, named Australia’s fastest growing company in 2023 by the Financial Review, announced Tuesday the deployment of its end-to-end mineral exploration solution, ExoSphere, to advance Barrick Gold’s (NYSE: GOLD) (TSX: ABX) exploration at its Reko Diq project in Pakistan.
Reko Diq is a strategic part of Barrick’s copper portfolio as the gold miner grows its exposure to the key energy transition metal. The area is one of several volcanic centers in the Chagai mountain range and part of the Tethyan Magmatic Arc, which is known to contain significant copper-gold ore deposits of various grades.
In December 2022, Barrick announced plans to invest $10 billion as part of its intent to go ahead with the construction of Reko Diq following approval from Pakistan’s top court. The project has been over a decade in the making and is said to boast world’s largest undeveloped copper-gold deposits.
Powered by advances in space technology, AI and 3D multiphysics, Fleet Space’s technology is being used to generate 3D subsurface maps of copper porphyry complexes and local groundwater systems for multiple zones of interest, comprising over 1,150 sq. km. of the Reko Diq project.
“Barrick Gold and Fleet Space are united in our use of cutting-edge technologies to enhance mineral discovery and unlock sustainability benefits across the exploration journey,” Fleet Space Technologies CEO Flavia Tata Nardini said in a news release.
“By applying the latest innovations in space, AI and 3D multi-physics to copper exploration, we demonstrate a more sustainable, scalable path to achieve the copper supply needed for our clean energy future, in alignment with the United Nations’ Sustainable Development Goals,” Tata Nardini said.
With plans to begin production in 2028, Reko Diq is poised to be a major contributor to Pakistan’s economy, delivering employment opportunities, investment in development programs and regional economic growth in the Balochistan province, in line with Barrick Gold’s sustainability pillars.
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