Barrick seeks security improvements before full construction of Reko Diq
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…
Barrick Mining Corporation, a prominent global mining firm, has slowed development of its Reko Diq copper-gold project in Pakistan's Balochistan region and is reassessing its plans. CEO Mark Hill stated that improved security conditions are necessary before proceeding with a full construction schedule. The announcement came amid heightened security concerns in Balochistan, where militant activities have surged and counter-terrorism operations have intensified.
In 2022, Pakistan's security forces carried out over 40,000 intelligence-based operations, with more than 31,000 in Balochistan alone.
Reko Diq, jointly owned by Barrick (50%), the Balochistan government (25%), and Pakistani state-owned enterprises (25%), is anticipated to generate approximately $74 billion in free cash flow over 37 years, assuming long-term prices hold. The project's initial phase, projected to cost $4 billion (later revised to $5.6 billion), involves processing around 45 million tons of ore annually, with phase two potentially increasing this to 90 million tons.
The mine is designed as a conventional open-pit and milling operation, yielding high-quality copper-gold concentrate.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
