Barrick slows Reko Diq project

Barrick Mining has announced a slowdown in the development of its Reko Diq Mine project in Pakistan until mid-2027. This decision follows an escalation of security risks and incidents in Pakistan and the Pakistan — Balochistan province, leading Barrick Mining to review all aspects of the project. The company anticipates significant increases to the previously disclosed capital budget for both Phase 1 (originally $5.6 billion to $6.0 billion) and Phase 2 (originally $3.3 billion to $3.6 billion), with first production now expected later than the initial target of end-2028. Despite the slowdown, Barrick Mining will maintain active management of the project with reduced capital expenditure and continue its community and social programs in Pakistan.