Key Takeaways
- Barrick Mining Corporation has slowed development of the Reko Diq project in Balochistan.
- Security conditions need to improve before full construction can resume.
- The project is expected to create thousands of jobs and operate for decades.
Barrick Mining Corporation has announced a slowdown in the development of the Reko Diq copper and gold project in Balochistan, citing security concerns. The company's CEO, Mark Hill, stated during the Mining Forum Americas that security conditions must improve before full construction can proceed.
According to Hill, the company is currently reviewing its plans and has not provided a new construction timeline. The initial phase of the project was estimated to cost $4 billion, but this was later revised to $5.6 billion. The total investment across both phases is projected to be approximately $7 billion, with the second phase estimated at $3.5 billion.
The Reko Diq project is expected to operate for several decades, producing copper and gold concentrate through an open pit mining and milling operation. The first phase is designed to process about 45 million tons of ore annually, with the capacity to potentially increase to 90 million tons in the second phase.
The project is anticipated to employ around 7,500 people during peak construction and create approximately 4,000 long-term jobs once production begins. A recent feasibility study suggests a mine life of 37 years, with potential for further expansion.
Security in Balochistan remains a significant concern, with militant activity increasing and security forces conducting extensive counterterrorism operations. In 2026, Pakistan’s security forces carried out over 40,000 intelligence-based operations nationwide, including more than 31,000 in Balochistan.
Barrick operates the Reko Diq project and holds a 50 percent stake. The Balochistan government owns 25 percent, while Pakistani state-owned enterprises hold the remaining 25 percent. The project is expected to be a major contributor to the local economy and national revenue.
We are revisiting it because we need some sort of security improvement before we would embark on a full construction schedule at Reko Diq.
Mark Hill, Barrick Mining Corporation CEO
