Barrick confirms slowing Reko Diq, extends review
Gold major Barrick Mining has confirmed it will slow development of the Reko Diq copper/gold project in Pakistan and extend an ongoing review of the asset to mid-2027, citing escalating security risks in the region.
The update, issued on April 2, follows an announcement in February that the company was reassessing all aspects of the project amid rising security incidents in Pakistan and the broader Middle East.
Barrick said that preliminary findings from the review, combined with a further deterioration in the security environment, had prompted it to adopt a more cautious approach to development.
“Barrick continues to believe in the long-term value of Reko Diq,” the company said, adding that the extended review would allow it to fully evaluate the evolving security landscape, capital requirements, financing options, project scope and overall timeline.
The review period will now run until mid-2027, effectively extending the process by about 12 months from July 2026.
While development activity will be slowed, the project will remain under active management, albeit with reduced capital expenditure. Barrick confirmed that Phase 1 development has been approved on this basis.
The miner cautioned that capital costs and development timelines were likely to increase as a result of the extended review and changing operating conditions.
Previous estimates put the total capital cost of Phase 1 at between $5.6-billion and $6.0-billion, with Phase 2 expected to require a further $3.3-billion to $3.6-billion, on a 100% basis and excluding financing costs.
First production had been targeted for the end of 2028.
The company also reiterated its commitment to in-country community and social programmes, noting its ongoing role in supporting local stakeholders in Pakistan’s Balochistan province, where the project is located.
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