Barrick Mining’s board has initiated a comprehensive review of its gold and copper project in Pakistan’s Balochistan province, citing heightened security concerns and rising risks in the region. The development was confirmed by Barrick’s Chief Executive Officer Mark Hill during a post-earnings call, where he stated that the review would examine all aspects of the project, including capital allocation, security arrangements, and the overall development timeline.
The decision follows a recent escalation in security incidents across Balochistan, prompting the company to reassess its exposure and operational planning in the province. Barrick indicated that the review was triggered by a noticeable increase in security risks, which have raised concerns for both personnel safety and project continuity. According to the company, the assessment will begin immediately, and stakeholders will be updated once the process is completed.
Security conditions in Balochistan have deteriorated in recent days, with coordinated attacks reported across multiple locations in the southwestern province. Earlier this week, Pakistani security forces were engaged in operations to track down separatist militants following assaults on schools, banks, and security installations. These attacks resulted in the deaths of nearly 50 people, underscoring the severity of the situation and its implications for large-scale infrastructure and mining projects operating in the region.
The Reko Diq gold and copper project is one of Pakistan’s most significant mining ventures and is structured as a joint ownership arrangement. Barrick holds a 50 percent stake in the project, while three federal state-owned enterprises collectively own 25 percent. The remaining 25 percent is held by the Government of Balochistan. The project has long been viewed as a strategic asset for Pakistan’s mining sector, with the potential to attract foreign investment and contribute to economic development, particularly in resource-rich but underdeveloped areas.
As part of the review, Barrick will evaluate the project’s security framework, development schedule, and capital budget to determine whether adjustments are required under the current circumstances. The company has not provided a specific timeline for completing the review but has indicated that an update will be shared once the assessment concludes.
Separately, Barrick Mining Corp. has announced plans to spin off its top North American gold assets through an initial public offering, according to a report by Bloomberg. The move is aimed at revitalizing the company’s operations after years of underperformance relative to its peers. Barrick is expected to retain a majority stake in the new entity, with the IPO targeted for completion by late 2026.
The proposed spinoff will include Barrick’s joint-venture interests in Nevada, which encompass the Fourmile discovery, along with a mine in the Dominican Republic. In contrast, assets located in higher-risk regions, including Africa and Pakistan, will remain under Barrick’s direct control. This distinction reflects the company’s strategic approach to risk management and portfolio optimization.
In a statement, Barrick explained that the decision to proceed with the IPO followed extensive internal analysis and was designed to maximize shareholder value. The company’s board emphasized the importance of sharpening its focus on North American gold assets, which are viewed as core to improving business performance and long-term competitiveness.
Together, the review of the Reko Diq project and the planned North American IPO highlight Barrick’s efforts to balance growth opportunities with risk management amid a complex global operating environment.
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