Barrick Mining Delays $9B Reko Diq Project Amid Security Concerns
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 4 days ago
0mins
Should l Buy B?
Source: seekingalpha
- Project Delay: Barrick Mining is postponing its $9 billion Reko Diq copper-gold project due to deteriorating security in Pakistan and the impacts of the Middle East conflict, indicating a cautious approach to current geopolitical risks.
- Security Assessment: The company informed its Pakistani equity partners and local operators that rising separatist violence necessitates a further assessment of potential impacts and delivery strategies, reflecting a reevaluation of the project's feasibility.
- Reduced Investment: Development activities will slow down with a corresponding reduction in project spending for a 12-month period starting in July, which will directly affect the project's timeline and cash flow.
- Production Timeline Pushback: The delay means that first production is now not expected until 2029 at the earliest, compared to the previous expectation of 2028, highlighting the complexities and high-cost risks associated with the project's development.
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Analyst Views on B
Wall Street analysts forecast B stock price to rise
17 Analyst Rating
15 Buy
2 Hold
0 Sell
Strong Buy
Current: 38.590
Low
44.31
Averages
58.14
High
71.00
Current: 38.590
Low
44.31
Averages
58.14
High
71.00
About B
Barrick Mining Corporation is a gold and copper producer, which is engaged in the production and sale of gold and copper, as well as related activities, such as exploration and mine development. The Company has ownership interests in producing gold mines that are located in Argentina, Canada, Cote d’Ivoire, the Democratic Republic of Congo, the Dominican Republic, Papua New Guinea, Tanzania and the United States. Its copper mines are located in Zambia, Chile and Saudi Arabia. Its operations include Nevada Gold Mines, Bulyanhulu, Jabal Sayid, Kibali, Loulo-Gounkoto, Lumwana, North Mara, Porgera, Pueblo Viejo, Veladero and Zaldivar. Its Bulyanhulu operation is located in north-west Tanzania, over 55 kilometers (km) south of Lake Victoria and 150 km southwest of the city of Mwanza. The Jabal Sayid copper operation is located approximately 350 km north-east of Jeddah in the Kingdom of Saudi Arabia. The Lumwana copper mine is a conventional open pit operation.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Project Delay: Barrick Mining is postponing its $9 billion Reko Diq copper-gold project due to deteriorating security in Pakistan and the impacts of the Middle East conflict, indicating a cautious approach to current geopolitical risks.
- Security Assessment: The company informed its Pakistani equity partners and local operators that rising separatist violence necessitates a further assessment of potential impacts and delivery strategies, reflecting a reevaluation of the project's feasibility.
- Reduced Investment: Development activities will slow down with a corresponding reduction in project spending for a 12-month period starting in July, which will directly affect the project's timeline and cash flow.
- Production Timeline Pushback: The delay means that first production is now not expected until 2029 at the earliest, compared to the previous expectation of 2028, highlighting the complexities and high-cost risks associated with the project's development.
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- Surging Oil Prices: WTI crude oil prices surged over 4% due to reports of potential military action against Iran by the Pentagon, which heightened inflation expectations and increased pressure on the stock market.
- Strong Labor Market Data: Initial jobless claims rose by 5,000 to 210,000, in line with expectations, while continuing claims fell by 32,000 to a 1.75-year low of 1.819 million, indicating labor market strength that could influence Federal Reserve policy.
- International Economic Impact: The OECD raised its G-20 inflation forecast for 2026 to 4.0%, reflecting the potential global economic impact of the Iran war, with increasing market concerns about escalating tensions in the Middle East that could disrupt global supply chains.
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See More
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- Project Delay: Barrick Mining is postponing its $9 billion Reko Diq copper-gold project due to deteriorating security in Pakistan and the impacts of the Middle East conflict, indicating a cautious approach to current geopolitical risks.
- Security Assessment: The company informed its Pakistani equity partners and local operators that rising separatist violence necessitates a further assessment of potential impacts and delivery strategies, reflecting a reevaluation of the project's feasibility.
- Reduced Investment: Development activities will slow down with a corresponding reduction in project spending for a 12-month period starting in July, which will directly affect the project's timeline and cash flow.
- Production Timeline Pushback: The delay means that first production is now not expected until 2029 at the earliest, compared to the previous expectation of 2028, highlighting the complexities and high-cost risks associated with the project's development.
See More
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- Investor Sentiment: The decline in mining stocks is attributed to heightened investor anxiety due to stalled peace talks between the U.S. and Iran.
See More
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- Reasons for Gold Price Drop: Concerns over rising inflation and oil prices may prompt the U.S. Treasury to raise interest rates, leading to a decline in gold prices, with gold stocks like Newmont down over 4% this year and Barrick down over 22% this month.
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- Operational Streamlining Plans: Newmont is focusing on high-quality Tier-1 assets, predicting lower production this year, but its Ahafo North mine in Ghana is ramping up production, expected to yield between 275,000 and 325,000 ounces annually; Barrick plans a $42 million spinoff of its North American and Caribbean assets to focus on high-growth copper and gold projects.
See More
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- Honorary Title Bestowal: Following the shareholder meeting, Crawford Sr. will be named an honorary board member and emeritus officer, recognizing his long-term contributions while facilitating a smooth transition to the new board.
- Future Outlook: The company anticipates a subdued claims environment in Q1 2026, reflecting current market challenges and uncertainties that may impact overall performance, highlighting the need for strategic adjustments moving forward.
See More
