Barrick reaffirms strong commitment to Reko Diq

April 03, 2026 (MLN): Barrick Mining Corporation has reiterated its long-term confidence in Pakistan’s Reko Diq project, while announcing a cautious slowdown in development to reassess evolving security conditions and project dynamics.

The mining giant stated that, following a strategic review initiated in February 2026, it will extend its assessment until mid-2027, scaling back capital spending and moderating the pace of development.

The decision came in response to escalating security concerns in Pakistan and the broader region.

Despite the delay, Barrick reaffirmed its belief in the long-term value of Reko Diq, one of the world’s largest undeveloped copper-gold deposits.

It emphasized that the project will remain under active management with reduced capital allocation.

Development of Phase 1 has been approved on this revised basis.

The extended review will enable the company to comprehensively evaluate the evolving security landscape, capital requirements, financing structure, project scope, and overall timeline.

Barrick also underscored its commitment to local communities, stating that it will continue to invest in and honor its existing social and community programs in Pakistan.

The company indicated that there could be significant increases in the previously disclosed capital budget and timeline.

Earlier estimates placed Phase 1 costs between $5.6 billion and $6.0 billion, and Phase 2 between $3.3 billion and $3.6 billion, with first production initially targeted by the end of 2028.

From an investor perspective, the update suggests that while the project timeline may extend beyond earlier expectations and capital costs could rise, development has not been halted.

Instead, the project is undergoing a strategic recalibration aimed at ensuring long-term viability. The continued review reflects Barrick’s effort to align the project with changing ground realities, particularly in terms of security and financing.

Reko Diq remains one of the largest foreign investments in Pakistan’s mining sector, and Barrick’s sustained commitment signals its strategic importance despite near-term challenges.

The company will continue to monitor the situation in consultation with its joint venture partners and is expected to provide a further update upon completion of the review.

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