Barrick delays Reko Diq project amid rising security concerns

March 26, 2026 (MLN): Barrick Mining has decided to slow down development of its major copper and gold project at Reko Diq in Pakistan, while citing worsening security conditions and regional instability.

The company has been reassessing the project after a surge in separatist violence in Balochistan, the province where the mine is located.

Concerns have also grown due to the broader geopolitical tensions linked to the ongoing conflict in the Middle East.

Barrick has invested $849 million in Reko Diq to date, including $721 million in 2025 alone, against a Phase 1 budget of approximately $6 billion for what would become one of the world's largest copper mines.

The company had targeted signing a limited recourse project financing facility in the second half of 2025

Following an internal review launched last month, Barrick has now informed its local partners and operators that project activity will be scaled back for a period of one year starting in July.

This adjustment will also lead to reduced spending during the review phase, according to Investing.com.

Early findings from the assessment highlighted the need to re-evaluate risks and reconsider the project’s execution strategy under current conditions.

The Reko Diq project is located in Chagai district of Balochistan province, a region that has experienced periodic security incidents and separatist insurgency.

The evolving security landscape in both Pakistan and the wider region has played a key role in the decision.

The slowdown is expected to affect previously announced timelines and budget projections for the Reko Diq development, one of the country’s most significant mining ventures.

Furthermore, in it's statement released, Barrick said it continues to believe in the long-term value of Reko Diq, but following its February 5, 2026 review and the recent escalation in security issues in Pakistan and the Middle East, it has decided to extend the review period by 12 months starting in July.

The company added that while development activity will slow, the project will remain under active management as it reassesses potential impacts and delivery strategy.

It also noted that the extended review and reduced pace are expected to affect previously announced budgets and timelines, with further updates to be provided when appropriate.

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