Barrick Mining is delaying its huge copper and gold project in Pakistan due to the Middle East conflict and deteriorating security situation in the South Asian country, the Financial Times reported on Thursday, ?citing correspondence seen by the media outlet.
“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,” the report quoted Barrick telling its Pakistani equity partners and the project’s local operator.
Development ?activity will be slowed, with a correspondingly reduced project spend, for a 12-month period ?commencing in July, the miner added according to the report.
Barrick ?Mining did not immediately respond to Reuters’ request for comment.
Last month, Barrick CEO Mark Hill during a post-earnings call said Barrick Mining’s board was reviewing all aspects of the gold and copper project in Balochistan region.
The miner added the review of the Reko Diq project’s security arrangements, development timetable and capital budget would begin immediately, with an update once the process was completed.
The gold and copper project is owned 50% by Barrick, 25% by three federal state-owned enterprises and 25% by the Government of Balochistan.