Barrick Mining's Reko Diq Project Hit by Security Concerns

Barrick Mining's shares slipped by 0.3% in overnight trading as the company hit pause on its Reko Diq copper-gold project in Pakistan, citing worsening security concerns.

The project, which is expected to start production by the end of 2028, has been put under active management with reduced capital spending due to the security situation. Barrick expects significant increases to the previous total estimated capital cost guidance for the project.

Last year, the company had disclosed a Phase 1 capital cost guidance of $5.6 billion to $6.0 billion and Phase 2 of $3.3 billion to $3.6 billion. Raymond James maintained Barrick's 'outperform' rating but lowered its price target to $61 from $62.