Barrick Gold Delays $9bn Reko Diq Project in Pakistan Amid Regional Tensions

Key Facts

1Barrick Gold has delayed the development of the $9 billion Reko Diq copper and gold project in Pakistan.

2The delay is attributed to the regional conflict involving Iran and a worsening local security situation.

Barrick Gold has officially delayed the development of its massive $9 billion Reko Diq copper and gold project in Pakistan. The decision stems from escalating regional conflict involving Iran and a deteriorating security environment in the Balochistan province. As one of the world's largest untapped mineral deposits, the project was seen as a cornerstone for Pakistan's economic recovery and foreign investment strategy. Management cited that current security risks have made adhering to the original development timeline untenable at this stage. This delay presents a setback for Barrick Gold's future production profile and Pakistan’s efforts to secure critical foreign direct investment. However, the postponement of such a significant future supply source could provide long-term support for global copper and gold prices due to supply constraints.