The ongoing tensions in the Middle East have begun impacting Pakistan, as Barrick Mining Corporation has decided to slow down work on the Reko Diq mining project.
According to an international report, the company announced that progress on the copper and gold project in Balochistan is being reduced due to rising security concerns in Pakistan and the wider region.
Barrick stated that a review of the project will continue for the next 12 months, during which development activities will remain limited, although the project will continue under active management.
The company reaffirmed its confidence in the long-term importance of the Reko Diq project and its commitment to its future development.
Reko Diq is considered one of the world’s largest undeveloped copper and gold reserves, and the project has remained a priority for the company since 2011.
The company’s shares also saw a decline of up to 3.2 percent in New York trading before partially recovering later.
Analysts believe the delay may help reduce geopolitical risks for the company and could open up future opportunities for investment or potential asset sales.
Barrick has also informed its Pakistani partners and local developers that project activities will remain limited for the time being.
