PAKISTAN

Barrick delays Reko Diq project amid Middle East concerns

Staff Writer | March 26, 2026 |

The Reko Diq deposit is located in the Balochistan province. (Image courtesy of Barrick Gold.)

Barrick Mining (TSX: ABX, NYSE: B) says it will slow its development of the Reko Diq deposit in Pakistan’s Balochistan province and extend the project’s review period, citing security concerns in the Middle East.

The decision, first reported by the Financial Times on Thursday, adds further uncertainty to the buildout of what is considered to be one of the world’s largest undeveloped copper-gold projects.

Shares of Barrick edged lower on the news, trading within a narrow range between $37.70 and $38.97 in New York. It has a market capitalization of nearly $67 billion.

The delay follows preliminary findings from a review announced by Barrick last month to examine all aspects of the project, including capital allocation. The review, according to the company, will now be extended for 12 months from July amid recent escalation in security issues caused by the Iran conflict.

Barrick, which has been developing the project in partnership with the governments of Pakistan and Balochistan for years, initially planned for the project to come online in 2028, subject to financing. The cost for Phase 1 of the project alone would be upwards of $5.6 billion.

Once operational, the mine is forecast to generate over $70 billion in free cash flow and $90 billion in operating cash flow over a 37-year lifespan.

The extended timeline will allow Barrick to further assess potential risks and refine its delivery strategy for the project, the Toronto-headquartered miner said in a statement.

Barrick has viewed Reko Diq — with an estimated 15 million tonnes of copper reserves — as a key pillar of its strategy to become a Tier 1 producer of the metal.