Barrick Mining Corporation B has provided an update on its Reko Diq copper-gold project in Pakistan, highlighting rising security and execution risks, prompting it to review all aspects of the project. It is considering slowing down the project development and has initiated a comprehensive review until mid-2027 of project timelines, scope, capital plans, financing and security measures following increased instability in Balochistan.
Reko Diq remains one of the world’s largest undeveloped copper-gold projects and a key pillar of Barrick’s long-term copper growth strategy. The project, in which Barrick has a 50% stake, is designed to produce 460,000 tons of copper and 520,000 ounces of gold annually in its second development phase.
Barrick anticipates a significant increase to the previously disclosed total estimated capital budget and timeline for the project. Per earlier disclosure, Phase 1 is expected to require about $5.6–$6 billion in capital, and Phase 2 is between $3.3 billion and $3.6 billion, with a targeted first production by the end of 2028. Barrick has already invested roughly $849 million, including $721 million in 2025, as noted in its fourth-quarter release. The mine is projected to produce about 240,000 metric tons of copper annually in its initial phase.
Reko Diq stands out as a cornerstone asset for Barrick, significantly strengthening its long-term resource base while offering decades of production visibility. The project carries substantial economic potential and is positioned to be a major value driver over time. Despite strong fundamentals, the update signals a cautious near-term approach amid security concerns and disciplined capital allocation.
Shares of Barrick have rallied 134.5% over the past year compared with the industry’s 118.7% growth.
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B’s Zacks Rank & Key Picks
B currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Equinox Gold Corp. EQX, Idaho Strategic Resources, Inc. IDR, and Aris Mining Corporation ARIS. EQX and IDR sport a Zacks Rank of #1 (Strong Buy), while ARIS has a Zacks Rank of #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for EQX’s current-year earnings stands at $1.17 per share, implying a 290% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in two of the trailing four quarters while missing twice, with the average surprise being 89.2%.
The Zacks Consensus Estimate for IDR’s current-year earnings is pegged at $1.33 per share, indicating a 16.7% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters while missing once, with the average surprise being 60.5%.
The Zacks Consensus Estimate for ARIS’s current-year earnings is pegged at $2.9 per share, indicating a 126.6% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in one of the trailing four quarters while missing thrice, with the average negative surprise being 3.5%.
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Idaho Strategic Resources, Inc. (IDR) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
