Company says decision has been taken after the recent escalation of security risks and a rise in security incidents in the province
Barrick Mining's board is reviewing all aspects of a gold and copper project in Pakistan's Balochistan region, including capital allocation, due to security concerns, CEO Mark Hill said during a post-earnings call.
Barrick said the decision has been taken after the recent escalation of security risks and a rise in security incidents in the province.
Pakistani soldiers were hunting down separatist militants earlier this week who stormed schools, banks and security installations, killing nearly 50 people, in coordinated attacks across southwestern Balochistan province.
The miner added the review of the Reko Diq project's security arrangements, development timetable and capital budget would begin immediately, with an update once the process is completed.
The gold and copper project is owned 50% by Barrick, 25% by three federal state-owned enterprises and 25% by the Government of Balochistan.
Bloomberg reported that Barrick Mining Corp. has announced plans to spin off its top North American gold assets through an initial public offering (IPO), aiming to revitalize its operations following years of underperformance compared to its rivals. The company will retain a majority stake in the new entity, with the IPO expected to be completed by late 2026.
The spinoff will include Barrick’s joint-venture interests in Nevada, which feature the Fourmile discovery, as well as a mine in the Dominican Republic. However, assets in higher-risk regions such as Africa and Pakistan will remain under Barrick’s control.
In a statement, Barrick explained that the decision to move forward with the IPO followed extensive analysis and is intended to maximize shareholder value. The company’s board emphasized the strategic importance of focusing on its North American gold assets to enhance business performance.
