Barrick delays Reko Diq project in Pakistan amid mounting security concerns

A logo for the Barrick Gold Corporation is seen in Toronto. (THE CANADIAN PRESS / Nathan Denette)

Barrick Mining is extending its review of the massive Reko Diq copper-gold project in Pakistan and slowing development activity amid escalating security concerns in the South Asian country and the Middle East.

The exercise is likely to affect previously disclosed budgets and timelines, a company spokesperson said on Thursday.

The Reko Diq project, located in Pakistan’s Balochistan province, is one of the world’s largest undeveloped copper-gold deposits.

• Stay on top of your portfolio with real-time data, historical charts and the latest news on gold

Barrick’s decision follows preliminary findings from a review announced on Feb. 5 examining all aspects of the project, including capital allocation, amid mounting security concerns.

The review will now be extended by 12 months from July, while development activity will be slowed, the company said.

The extended timeline will allow the miner to further assess potential risks and refine its delivery strategy for the project, it added.

(Reporting by Sumit Saha in Bengaluru; Editing by Jonathan Ananda)