Barrick Mining has issued a statement regarding its major Reko Diq project in Pakistan and said it was slowing down the development activity due to "security issues in Pakistan and the Middle East."
"The company considers it necessary to extend the review period by 12 months from July to continue to assess the potential impacts and delivery strategy of the project," Barrick said in a statement.
"During that period, development activity will be slowed but remain under active management."
According to Barrick, the extended review and reduced pace of development is likely to impact previously stated budgets and timelines.
The decision follows preliminary findings from a review announced by Barrick last month to examine all aspects of the project, including capital allocation.
The Reko Diq project has an estimated cost for its Phase 1 development of $5.6 billion. It is set to become one of the world’s largest copper and gold mines, and generate over $70 billion in free cash flow over its 37-year lifespan.
Theodor Lisovoy, Managing Editor, Rough&Polished
