Barrick Mining Corporation has slowed development of the Reko Diq copper and gold project in Balochistan, citing security concerns.
The company is reviewing its construction plans and wants security conditions to improve before beginning full-scale development.
Barrick Reviews Construction Plans
Barrick CEO Mark Hill said the company is reassessing the project because improved security is needed before committing to 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,” Hill said at the Mining Forum Americas.
He did not provide a revised construction timeline. He also did not disclose the financial impact of the slowdown.
Security remains a major challenge in Balochistan, where militant activity has increased in recent years. Pakistani security forces have also intensified counterterrorism operations across the province.
$7 Billion Project Faces Delay
Barrick owns a 50% stake in Reko Diq. The Balochistan government holds 25%, while Pakistani state-owned enterprises control the remaining 25%.
The first phase was initially estimated to cost $4 billion. That estimate later increased to $5.6 billion. Total investment for both phases is projected at around $7 billion.
The project is planned as a large open-pit mining and milling operation. It is expected to produce copper and gold concentrate over several decades.
Reko Diq Could Create Thousands of Jobs
The first phase is designed to process around 45 million tonnes of ore annually. Capacity could eventually rise to 90 million tonnes under the second phase.
The project is expected to create around 7,500 jobs during peak construction. Once operational, it could provide approximately 4,000 long-term jobs.
A recent feasibility study estimated a mine life of 37 years, with potential for further expansion.
