Barrick Gold Corporation is currently reviewing its budget and timeline for the Reko Diq copper-gold project in Balochistan due to security issues, according to Reuters.
The company has invested $849 million in the project so far, including $721 million in 2025, against a Phase 1 capital budget of approximately $6 billion. Barrick had earlier aimed to sign a limited recourse project financing facility in the second half of 2025.
However, potential delays following recent security incidents have made Barrick’s commitment less certain. JPMorgan also indicated that security-related reviews could delay the financing package, but said the earmarked capital spending suggests the company remains committed.
The review has raised concerns about Pakistan’s ability to retain large-scale foreign investment in security-sensitive regions. Government officials have not publicly commented on the development so far.
Reko Diq is located in the Chagai district of Balochistan, a region affected by periodic security incidents and separatist unrest. Barrick did not provide details of the recent incidents but acknowledged heightened security risks.
Once operational, the mine is expected to produce about 200,000 tons of copper and 250,000 ounces of gold annually. The project is projected to operate for several decades and generate significant tax revenues, royalties, and employment in Balochistan.
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