Barrick Slows Reko Diq Project Amid Security Concerns

Barrick Mining has slowed development of the Reko Diq project in Pakistan due to rising security risks while maintaining long-term commitment.

Barrick Mining Corporation has announced a slowdown in development activity at Pakistan’s Reko Diq copper-gold project, citing heightened security risks in the region.

The company said it will continue reviewing the multibillion-dollar project until mid-2027 to assess evolving security conditions, capital requirements, financing and project timelines. Despite the slowdown, Barrick reaffirmed its long-term commitment to the project, stating it still sees significant value in Reko Diq.

While development will proceed at a reduced pace, the project will remain under active management with lower capital spending. Phase 1 of the project had previously been approved with an estimated cost of $5.6–6 billion, while Phase 2 was projected at $3.3–3.6 billion, with initial production targeted by 2028.

Barrick also emphasized its continued investment in local community and social development programs in the region.

The project is jointly owned by Barrick, Pakistani state-owned enterprises and the Government of Balochistan, making it one of the country’s most significant mining ventures.