Dual-listed Barrick Mining has provided an update on the status of the Reko Diq project. On February 5, 2026, the company announced that it was reviewing all aspects of the project in light of the escalation of security risks and increased security incidents.
Barrick continues to believe in the long-term value of Reko Diq. Following the preliminary findings of the review and the further escalation of security issues in Pakistan and the region, the company considers it necessary to slow the development activity and continue the project review until mid-2027. The continued review will allow the company to assess in a comprehensive manner the evolving security situation, capital requirements, project financing, project scope and timeline.
While development activity will be slowed, the project will remain under active management with a reduced capital spend. Development of Phase 1 of the Reko Diq project was approved on this basis. Barrick recognizes its important role in the local community and intends to continue to invest in and honor its existing in-country community and social programs.
It is anticipated that there could be significant increases to the previously disclosed total estimated capital budget and timeline for the project The previously disclosed total estimated capital cost of Phase 1 was between $5.6 billion and $6.0 billion (100% basis, exclusive of capitalization of financing costs) and of Phase 2 was between $3.3 billion and $3.6 billion (100% basis, exclusive of capitalization of financing costs), with first production targeted by the end of 2028.
Barrick will continue to monitor the security landscape closely in consultation with its joint venture partners and will provide a further update to the market following the conclusion of its review.
