KARACHI: Barrick Mining Corp, a leading global mining, exploration and development company, will slow development of its Reko Diq copper-gold project in Pakistan and extend a strategic review until mid-2027, citing heightened security risks and uncertainty over costs and timelines.
The Toronto-based miner said it continues to see long-term value in the project, but recent escalation in security incidents in Pakistan and the wider region has prompted it to reassess key aspects, including capital requirements, financing, project scope and delivery schedule.
Development will remain under active management, albeit with reduced capital spending, the company said, adding that Phase 1 of the project has been approved on that basis. Barrick also said it would continue to support local community and social programmes in Pakistan.
The company signalled that costs and timelines could rise from earlier estimates. Phase 1 had previously been projected to cost between $5.6 billion and $6 billion, while Phase 2 was estimated at $3.3 billion to $3.6 billion, both on a 100 per cent basis and excluding financing costs. First production had been targeted by the end of 2028.Barrick said it would continue to monitor the security situation in consultation with its joint venture partners and provide a further update once the review is completed.
