WOODY vs. Barrick: Cost Analysis of the Reko Diq Project

Barrick Gold is advancing development of the Reko Diq copper-gold project in Pakistan. With reported capital costs of US$4,750M and operating costs of US$16.52/t, the project reflects feasibility-stage planning that emphasizes scale and phased development but likely compresses allowances for indirects, overhead, and contingency.

How do these figures compare to an independent, standardized benchmark?

Costmine Intelligence used WOODY—our proprietary benchmarking platform—to replicate Reko Diq’s core assumptions and generate capital and operating estimates based on current market rates, location-adjusted inputs, and a fully scoped cost structure. WOODY integrates labor, equipment, materials, energy, and indirects, applying consistent logic to categories often minimized in early-stage estimates, such as construction management, owner’s costs, and escalation.

The result: WOODY estimates capital costs at US$4,623.74M, reflecting systematic allowances for mobilization, contractor management, and contingency. Operating costs come in at US$18.94/t, driven by the inclusion of indirect labor, detailed maintenance, site services, and full overhead structures not typically disclosed in company filings.

This analysis underscores the value of benchmarking large-scale project costs against an independently built model. Narrower scoping or optimistic inputs at the feasibility stage can introduce blind spots into execution planning, funding strategies, and investor communications.

Fill out the form to access the full Excel file, which includes line-by-line WOODY capital cost outputs, an operating cost breakdown by category, direct comparisons with Barrick’s disclosed figures, core modeling assumptions, and life-of-mine cumulative cost comparisons.

Whether you’re evaluating a greenfield asset, reviewing a feasibility study, or assessing investment risk, this file provides a transparent, apples-to-apples view of how internal estimates compare to independently benchmarked project costs.