Barrick Warns of Delays

According to a recent update from Mining.com, Barrick Mining has announced that its Reko Diq copper project in Pakistan may face significant increases in budget and timeline. The project, one of the world's largest undeveloped copper deposits, has been slowed due to security concerns in the Middle East. Initially, the project's total estimated capital cost was between $5.6 billion and $6.0 billion for Phase 1 and $3.3 billion to $3.6 billion for Phase 2, with first production targeted by the end of 2028. However, Barrick has decided to extend the project's review period until mid-2027, citing the need to assess the evolving security situation, capital requirements, and project financing. Despite the delays, the project is expected to generate over $70 billion in free cash flow and $90 billion in operating cash flow over its 37-year lifespan.