Barrick Mining Balances Record Profits with Project Delays Ahead of Shareholder Vote

Barrick posts record $4.99B profit for 2025 but faces major delays and cost overruns at its flagship Reko Diq copper-gold project in Pakistan, casting doubt on a 2028 start.

Barrick Mining shareholders are set to gather virtually on May 8, 2026, for an annual meeting that will juxtapose the company's stellar financial performance against significant operational headwinds. The gold producer enters the meeting fresh off a record-breaking fiscal 2025, yet faces mounting questions over the future of its flagship growth project.

The company’s financial health is robust. Barrick closed 2025 with a net profit of $4.99 billion, a 133 percent surge, while operating cash flow reached $7.69 billion. Shareholders benefited directly, receiving a total return of $2.39 billion. This included a fully exhausted $1.5 billion share buyback program. Gold production for the year stood at 3.26 million ounces.

However, the looming shadow over these results is the Reko Diq copper-gold project in Pakistan. Barrick has slowed development activities there due to security concerns and regional risks, extending a project review now expected to last until mid-2027. The company explicitly warns of significant cost overruns. Initial budgets for Phase 1 were set between $5.6 and $6.0 billion, with Phase 2 requiring an additional $3.3 to $3.6 billion. The targeted production start date of late 2028 is now in doubt. Barrick holds a 50 percent stake in the venture, with the remainder split between three Pakistani state-owned enterprises and the Balochistan provincial government.

Despite this uncertainty, Barrick's stock has performed strongly, gaining approximately 97 percent over the past twelve months and recently trading between $36 and $38 per share. The company also offers a current dividend yield of four percent.

In parallel, Barrick is advancing plans to spin off its North American gold assets through an initial public offering slated for late 2026. The new entity would include Nevada Gold Mines, Pueblo Viejo, and the Fourmile exploration project, with Barrick retaining majority ownership. Fourmile has emerged as a key prospect, with indicated resources rising to 2.6 million ounces and inferred resources jumping to 13 million ounces—doubling prior estimates.

The company recently secured a legal victory when the Ontario Court of Appeal dismissed a lawsuit on April 8, 2026. Tanzanian residents had alleged human rights violations near the North Mara gold mine. The court ruled Ontario was not the proper forum for such claims, which must be heard in Tanzania, and noted that the Tanzanian police operate independently from the mining company. This decision removes a longstanding legal overhang from Barrick's African operations.

As the shareholder meeting approaches, management will need to address the stark contrast between its financial strength and the revised outlook for Reko Diq. Investor focus will be on capital requirements, project financing, and the updated timeline for one of the world's largest undeveloped copper-gold deposits.