Barrick Delays Financing for Pakistan Project Due to Security Concerns
Barrick Mining, headquartered in Toronto, has postponed the finalization of financing for its Reko Diq copper and gold project located in Pakistan's Balochistan province. This decision comes amid escalating security concerns in the region. During a recent results call, Barrick's CFO, Graham Shuttleworth, highlighted the company's growing apprehension regarding the security situation, which has led to a comprehensive review of the project. The company has communicated to its lending consortium that this review must be completed before any financing can proceed. The Reko Diq project is significant, as it has been included in the U.S. 'Project Vault' initiative, which aims to secure global supply chains for critical minerals. The U.S. Export-Import Bank has committed up to $1.3 billion in financing for the project. The development of Reko Diq had been stalled for over a decade due to a legal dispute, which was resolved in 2022, allowing Barrick to resume its involvement in the project. 
