Barrick Mining has indefinitely postponed development of its massive copper and gold mine in Pakistan's Balochistan province, citing escalating security risks from the Iran conflict and deteriorating local conditions. The Toronto-based miner announced the 12-month delay starting in July, significantly impacting the $9bn project's budget and timeline, pushing first production to 2029 at the earliest, up from an earlier 2028 target. The decision follows a review triggered by rising separatist violence in the mineral-rich but insurgency-plagued province.

Barrick controls 50% of the mine, with the rest held by Pakistani state entities, but the project faces major hurdles beyond security. The Iran war complicates supply chains for equipment and fuel, forcing a costly reassessment. This delay is a major blow to Pakistan's efforts to develop Balochistan and alleviate its debt burden through foreign investment, especially as the country relies on IMF bailouts.

The project's future also hangs in the balance after Mark Bristow's abrupt departure as CEO, replaced by a perceived more cautious leader. The mine, potentially one of the world's largest, could yield over 400,000 tonnes of copper and 500,000 ounces of gold annually, but its development remains fraught with challenges.