Barrick Mining Delays Reko Diq Project in Pakistan Amid Security Concerns
Barrick Mining Corp. is slowing work on its Reko Diq copper-and-gold project in Pakistan due to escalating security issues. The company is extending its project review by 12 months due to increased security incidents in Balochistan, prompting a slowdown in development activity and potential impacts on budgets and timelines. The project is a significant source of copper and gold, with Barrick holding a 50% stake. Rising insurgent activity in Pakistan has raised geopolitical risks for the project.
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Barrick Mining Corp. is delaying its Reko Diq copper-and-gold project in Pakistan due to escalating security concerns in the country and the Middle East. The review period for the project has been extended by 12 months, starting from July, to assess potential impacts.
Development activity will slow down, impacting budgets and timelines. Barrick holds a 50% stake in the project, which is one of the largest untapped sources of copper and gold globally. Rising insurgent activity in Pakistan and demands from nationalist groups in Balochistan have increased the project's geopolitical risks. Shares of Barrick fell 3.2% in New York as it navigates these challenges.
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