Barrick warns of ‘significant increases’ to budget, timeline for Pakistan copper project

Staff Writer | April 2, 2026 | 2:55 pm Top Companies Asia Canada Middle East Copper Gold

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Barrick’s 50% Reko Diq copper-gold project in Pakistan. (Image: Barrick’s presentation.)

Barrick Mining (NYSE: B, TSX: ABX) said on Thursday there could be “significant increases” to the estimated capital budget and timeline for its Reko Diq copper project in Pakistan.

It follows the Canadian gold miner’s March 26 announcement stating that it will slow the project’s development and extend its review period due to security concerns in the Middle East.

Barrick delays Reko Diq project amid Middle East concerns

The continued review will allow the company to assess in a comprehensive manner the evolving security situation, capital requirements, project financing, project scope and timeline, Barrick said in a statement released just after market close in Toronto.

Reko Diq, one of the world’s largest undeveloped deposits of copper, is in the remote, insurgency-hit western province of Balochistan. Barrick has viewed the project — with an estimated 15 million tonnes in reserves — as a key pillar of its strategy to become a Tier 1 producer of the metal.

The company, which for years has been developing the project in equal partnership with Pakistani authorities, initially planned for the project to come online in 2028, subject to financing.

The previously disclosed total estimated capital cost of Phase 1 was between $5.6-$6 billion (100% basis, exclusive of capitalization of financing costs) and a further $3.3-$3.6 billion for Phase 2, with first production targeted by the end of 2028.

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.

“Barrick continues to believe in the long-term value of Reko Diq. Following the preliminary findings of the review and the further escalation of security issues in Pakistan and the region, the company considers it necessary to slow the development activity and continue the project review until mid-2027,” Barrick said in the statement.

“While development activity will be slowed, the project will remain under active management with a reduced capital spend,” the company continued.

“Development of Phase 1 of the Reko Diq project was approved on this basis. Barrick recognizes its important role in the local community and intends to continue to invest in and honor its existing in-country community and social programs.”