Barrick Provides an Update on Reko Diq
Rhea-AI Summary
Barrick (NYSE:B) provided an update on the Reko Diq project on April 2, 2026, saying it will slow development and continue a comprehensive review until mid-2027 due to escalating security risks in Pakistan and the region.
The company approved development of Phase 1 with reduced capital spend, said it will continue local community programs, and warned of possible significant increases to the previously disclosed capital costs and timeline. Previously disclosed Phase 1 capital was $5.6–$6.0 billion (100% basis) and Phase 2 $3.3–$3.6 billion, with first production targeted by end of 2028.
Positive
- Project review extended to mid-2027
- Phase 1 development approved with reduced capital spend
- Phase 1 capital guidance of $5.6–$6.0B (100% basis)
- Phase 2 capital guidance of $3.3–$3.6B (100% basis)
Negative
- Development activity slowed due to escalating security risks
- Company anticipates significant increases to total capital budget
- Project timeline may extend beyond the prior end-2028 first production target
News Market Reaction – B
On the day this news was published, B declined 1.34%, reflecting a mild negative market reaction. This price movement removed approximately $960M from the company's valuation, bringing the market cap to $70.70B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Before this update, Barrick's +3.46% move came alongside similar gains in key gold peers: WPM +4.13%, FNV +4.58%, AU +3.53%, AEM +3.92%, and KGC +4.58%, pointing to a broader precious metals tailwind.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 01 | CIO appointment | Positive | +3.5% | Global CIO appointment aimed at centralizing IT governance and modernization. |
| Mar 31 | Clinical update | Positive | +6.1% | Favorable 12‑month safety and tolerability data for CS1 in PAH. |
| Mar 27 | Board nominations | Neutral | +3.0% | Board composition proposal with mix of re-elections and new members. |
| Mar 24 | Spin-off proposal | Positive | +0.9% | Planned distribution and listing of Octave Intelligence plc shares. |
| Mar 23 | CEO appointment | Positive | +0.9% | Permanent CEO appointment following an interim period at the company. |
Across the recent linked news items, all events with generally positive or neutral tone saw positive next-day price reactions, indicating alignment rather than contrarian trading in this history set.
Recent news items linked in the history feed primarily involve corporate actions and management or strategic updates across multiple issuers, all tagged with the same ticker. These include executive appointments, board nomination proposals, and a proposed spin-off and listing. Each event carried a broadly constructive or neutral tone and was followed by a positive price reaction of between 0.9% and 6.09%. Compared with those incremental corporate developments, the current Reko Diq update introduces a more material project-specific risk and timeline uncertainty.
Market Pulse Summary
This announcement details a cautious shift at Reko Diq, with development activity slowed while Barrick conducts a comprehensive review through mid‑2027. Management highlighted possible significant increases to the prior Phase 1 and Phase 2 capital ranges of $5.6–6.0B and $3.3–3.6B, and acknowledged timeline risk versus the earlier end‑2028 first-production target. Investors may focus on future updates clarifying the revised budget, schedule, and security assessments for the project.
Key Terms
capitalization of financing costs financial
AI-generated analysis. Not financial advice.
All amounts expressed in U.S. dollars
TORONTO, April 02, 2026 (GLOBE NEWSWIRE) -- Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the “Company”) today provides an update on the status of the Reko Diq project. On February 5, 2026 the Company announced that it was reviewing all aspects of the project in light of the escalation of security risks and increased security incidents.
Barrick continues to believe in the long-term value of Reko Diq. Following the preliminary findings of the review and the further escalation of security issues in Pakistan and the region, the Company considers it necessary to slow the development activity and continue the project review until mid-2027. The continued review will allow the Company to assess in a comprehensive manner the evolving security situation, capital requirements, project financing, project scope and timeline.
While development activity will be slowed, the project will remain under active management with a reduced capital spend. Development of Phase 1 of the Reko Diq project was approved on this basis. Barrick recognizes its important role in the local community and intends to continue to invest in and honor its existing in-country community and social programs.
It is anticipated that there could be significant increases to the previously disclosed total estimated capital budget and timeline for the project. The previously disclosed total estimated capital cost of Phase 1 was between
Barrick will continue to monitor the security landscape closely in consultation with its joint venture partners and will provide a further update to the market following the conclusion of its review.
About Barrick Mining Corporation
Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry, Barrick’s operations and projects span 17 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.
Investor Relations Contact
Barrick Mining Corporation
Cleve Rueckert, +1 775 397 5443
cleveland.rueckert@barrick.com
Media Contact
Brunswick Group
Carole Cable, +44 (0) 20 7404 5959
barrick@brunswickgroup.com
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “project”, “remain”, “believe”, “will”, “continue” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: the ongoing project review of Reko Diq; the development and operation of the Reko Diq project, including the project scope, anticipated costs and timeline for construction and first production; potential significant increases to previously disclosed total estimated capital budget and timeline for the Reko Diq Project; the anticipated sharing of the benefits from the Reko Diq project with Barrick’s host governments and communities; and expectations regarding future price assumptions, financial performance and other outlook or guidance.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by Barrick as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as diesel fuel, natural gas and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation and exploration successes; risks associated with projects in the early stages of evaluation and development and for which additional technical, engineering and other analysis is required; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental and health and safety laws and regulations; the failure to obtain key licenses by governmental authorities; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in the Islamic Republic of Pakistan or the Province of Balochistan; timing of receipt of, or failure to comply with, necessary permits and approvals; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; risk of loss due to acts of war, terrorism, sabotage and civil disturbances, including risks associated with the evolving security landscape in the region of the Reko Diq Project; risks associated with new diseases, epidemics and pandemics; damage to Barrick’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Barrick’s handling of environmental matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be consistent with Barrick’s expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; litigation and legal and administrative proceedings; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, Barrick; risks associated with illegal and artisanal mining; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages related to climate change; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by ongoing global supply chain disruptions; global energy cost increases following the invasion of Ukraine by Russia and country-specific political, economic factors in Argentina and uncertainty related to Venezuela; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; changes in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may impact relations with foreign countries, result in retaliatory policies, lead to increased costs for raw materials and components, or impact Barrick's existing operations and material growth projects; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/ Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
