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Barrick Mining to Slow Reko Diq Development Amid Security Worries
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Key Takeaways
Barrick reviews the Reko Diq project amid rising security risks, considering slower development.
B sees higher capital needs and timeline changes, launching a full review through mid-2027.
Reko Diq remains a key asset, with major copper-gold output planned despite near-term caution.
Barrick Mining Corporation (B - Free Report) 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.
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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Barrick Mining to Slow Reko Diq Development Amid Security Worries
Key Takeaways
Barrick Mining Corporation (B - Free Report) 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.
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 - Free Report) , Idaho Strategic Resources, Inc. (IDR - Free Report) , and Aris Mining Corporation (ARIS - Free Report) . 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%.