Barrick slows Reko Diq development due to Pakistan security concerns

Barrick Mining Corporation (NYSE: B) announced it will slow development of its Reko Diq copper-gold project in Pakistan and extend its project review until mid-2027 due to escalating security risks in the region.

The company said it will reduce capital spending on the project while maintaining active management. Barrick had previously announced in February 2026 that it was reviewing all aspects of the project following increased security incidents.

The extended review will assess the evolving security situation, capital requirements, project financing, project scope and timeline. Barrick indicated there could be significant increases to the previously disclosed capital budget and timeline for the project.

The company had previously estimated Phase 1 capital costs at $5.6 billion to $6.0 billion and Phase 2 costs at $3.3 billion to $3.6 billion, with first production targeted by the end of 2028. Development of Phase 1 had been approved on the basis of reduced capital spend.

Despite the slowdown, Barrick said it will continue existing community and social programs in the area. The company stated it continues to believe in the long-term value of Reko Diq.

Barrick will monitor the security landscape in consultation with joint venture partners and provide further updates following the conclusion of its review. The information was disclosed in a company press release.

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