Barrick Mining, the Canadian copper‑gold producer, has paused progress on its flagship Reko Diq project in Pakistan after flagging higher costs and security concerns. The company now plans a full review until mid‑2027, citing preliminary findings that could push the timeline further. Investors will watch how this shift impacts the project’s valuation.

Barrick had originally priced the first development phase at $5.6‑$6 billion and the second at $3.3‑$3.6 billion, with first production aimed for 2028. The new delay could erode the projected cash flows and strain the company’s capital allocation strategy. Analysts note that the Reko Diq reserve remains one of the world’s largest undeveloped copper and gold deposits.

The slowdown reflects escalating security risks in the Balochistan region, where militant activity has intensified. Barrick’s decision signals that even high‑potential projects must balance geopolitical exposure against financial returns. Market watchers will track how the review reshapes investor sentiment and whether the company will seek external financing or partnership to keep the project viable.

Barrick’s cautious approach underscores the broader challenge for resource developers operating in politically volatile zones. The company’s long‑term belief in Reko Diq remains, but the extended timeline and higher cost estimates could compress its return on investment. Stakeholders will now focus on the company’s next move and the potential impact on its global copper supply outlook.