Barrick seeks security improvements before full construction of Reko Diq
- The security situation in Balochistan remains a significant concern
Barrick Mining Corporation, a leading global mining, exploration and development company, has slowed development of its Reko Diq copper-gold project in Balochistan, Pakistan and is reviewing its plans, saying improved security conditions are needed before it proceeds with a full construction schedule.
“We are revisiting it because we need some sort of security improvement before we would embark on a full construction schedule at Reko Diq,” said Barrick CEO Mark Hill at the Mining Forum Americas.
The CEO did not provide a new construction timeline for the project or quantify the impact of the slowdown in the presentation.
The comments came as the security situation in Balochistan remains a significant concern, marked by a surge in militant activities and comprehensive counter-terrorism operations. In 2026, Pakistan’s security forces conducted over 40,000 intelligence-based operations (IBOs) nationwide, with more than 31,000 of these taking place in Balochistan alone.
Barrick slows Pakistan’s Reko Diq project amid heightened security risks
The Reko Diq project is operated by Canada’s Barrick Mining, formerly known as Barrick Gold Corporation, which holds a 50% ownership stake. The Balochistan government owns 25%, and Pakistani state-owned enterprises share the remaining 25%.
Initial investment for the first phase was estimated at $4 billion, later revised to $5.6 billion. The total investment across two phases is projected to be approximately $7 billion, with phase two estimated at $3.5 billion.
The mine is expected to have a life of at least 40 years, though a recent feasibility study revised the mine life to 37 years due to increased throughput, with potential to extend to 80 years.
During peak construction, the project is expected to employ 7,500 people, and once in production, it will create 4,000 long-term jobs.
The project is envisioned as a conventional open-pit and milling operation, producing a high-quality copper-gold concentrate. Phase one will process approximately 45 million tons of ore per annum, potentially doubling to 90 million tons in phase two.
The Reko Diq project is expected to generate approximately $74 billion in free cash flow over 37 years, based on consensus long-term prices.
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