KARACHI: Canadian firm Barrick Mining Corporation has delayed its review of all aspects of the Reko Diq gold and copper project in Pakistan’s Balochistan for a year, a Barrick spokesperson said late Thursday, citing concerns about the project’s security.
The Canadian firm said last month the decision to review the project, including capital allocation, was made after a rise in security incidents in Balochistan, which has been the site of a decades-long insurgency that has intensified in recent years.
The review announcement came days after separatist militants, who stormed schools, banks and security installations, killed nearly 50 people in coordinated attacks in several districts across the mineral-rich province.
The Reko Diq gold and copper project in the region is owned 50 percent by Barrick, 25 percent by three Pakistani federal state-owned enterprises and 25 percent by the provincial government of Balochistan.
“Barrick continues to believe in the long-term value of Reko Diq,” a Barrick spokesperson said in emailed response to Arab News queries.
“Following the preliminary findings of the review announced on the 5th February and the more recent escalation in security issues in Pakistan and the Middle East, the company considers it necessary to extend the review period by 12 months from July [2026] to continue to assess the potential impacts and delivery strategy of the project.”
The project, expected to begin production in 2028, is central to Pakistan’s hopes of boosting mineral exports and attracting foreign investment into its underdeveloped mining sector. Despite heightened threats in Balochistan, development linked to the project continues in other parts of the country.
The one-year delay will slow down development activity though the project will remain under active management, according to the Barrick spokesperson.
“It is anticipated that the extended review and reduced pace of development is likely to impact previously stated budgets and timelines,” the spokesperson told Arab News.
“The company will provide a further update to the market when it is appropriate.
