Barrick Gold slows Reko Diq project development due to security concerns

Barrick Gold Corporation has slowed development at the Reko Diq copper-gold project in Balochistan, Pakistan, due to security concerns in the Chagai district. President and CEO Mark Bristow stated that the company is reviewing its construction plans and development programme, noting that improved security conditions are required before a full construction schedule can be implemented.

The Reko Diq project is a massive undertaking with an estimated total capital investment of $8.83 billion for a two-phase development. The project is a joint venture involving Barrick, which holds a 50% interest, the Government of Balochistan with 25%, and three Pakistani state-owned enterprises holding the remaining 25%.

While development activity will continue under active management, it will proceed at a reduced pace. The company previously targeted first production by the end of 2028, and the feasibility study estimates a mine life of 37 years. The project is designed as a large-scale open-pit mine with a combined processing capacity expected to reach 90 million tonnes per annum.