TORONTO: Barrick Mining has decided to delay development of its major copper and gold project in Pakistan, citing escalating security concerns linked to the ongoing Middle East conflict, according to a report by the Financial Times on Thursday.
In correspondence with its Pakistani equity partners and the project’s local operator, the company stated that it would reassess the project’s potential impacts and overall delivery strategy. The decision follows a preliminary review and a worsening security environment in both Pakistan and the broader Middle East region.
“Following the preliminary findings of the review and in light of the subsequent escalation in security issues in Pakistan and the Middle East, the company considers it necessary to further assess the potential impacts and delivery strategy,” Barrick said in its communication.
As part of this reassessment, development activities will be scaled back, and project spending will be reduced for a 12-month period starting in July.
The delay is expected to impact timelines for one of Pakistan’s most significant mining investments, which holds substantial potential for boosting exports and attracting foreign investment.
By Reuters
