Barrick Mining Slows Reko Diq Project in Pakistan

Barrick Mining has announced a slowdown in the development of its Reko Diq copper-gold project in Pakistan, extending its project review until mid-2027. This decision stems from escalating security risks and increased security incidents in the Pakistan===Balochistan province and the broader region. The company anticipates significant increases to the previously disclosed capital budget and timeline for the project, which was initially targeting first production by the end of 2028 with Phase 1 costs estimated between $5.6 billion and $6.0 billion. Despite the slowdown and reduced capital spending, Barrick Mining maintains its belief in the long-term value of Reko Diq and will continue its community and social programs in the area. The company will monitor the security landscape in consultation with its joint venture partners, the governments of Pakistan and Pakistan===Balochistan.