Barrick Gold (GOLD) said Tuesday that shareholders of the Reko Diq joint venture have approved the project's updated feasibility study and conditionally approved the associated phase 1 development capital, allowing the project to proceed with major work this year.

The development capital is subject to the closing of up to $3 billion limited recourse project financing, the company said.

First production for Reko Diq, one of the world's largest undeveloped copper-golf projects, is targeted by the end of 2028, Barrick said. The project, operated by the company, is located in Balochistan, Pakistan.

The shareholders also selected Fluor (FLR) as the project's engineering, procurement and construction management partner, Barrick said.

Barrick Gold shares rose 3.7% in premarket trading, while Fluor was up 4.3%.