Barrick Mining Stock Slips: Pakistan Copper-Gold Project On Slow Burn Over Security Concerns

• Last week, Barrick said it would continue reviewing its Reko Diq copper-gold project in Pakistan until mid-2027.
• On Sunday, Raymond James lowered Barrick Mining’s price target to $61 from $62
• Retail sentiment on Stocktwits for Barrick was ‘neutral’, with ‘normal’ message volumes.

Shares of Barrick Mining (B) slipped 0.3% in overnight trading heading into Monday after the company effectively hit the pause button on active development of its Reko Diq project in Pakistan, citing a worsening security situation in the country and surrounding region. The company says it will scale back activity and continue its review until mid-2027 before deciding how to proceed.

The gold and copper producer said the project will remain under active management with reduced capital spending. Barrick also expects “significant increases” to the previous total estimated capital cost guidance of the project.

Barrick earlier disclosed capital cost guidance for Phase 1 of the project of $5.6 billion to $6.0 billion, and for Phase 2 of $3.3 billion to $3.6 billion. Last year, Barrick said it expects first production at the project by the end of 2028.

Following the update, Raymond James maintained Barrick’s ‘outperform’ rating but lowered the price target to $61 from $62, which still implies a roughly 46% upside to the stock’s last close.

According to Koyfin data, analysts' price targets for Barrick Mining range from $69.99 to $30.24, with a 12-month average price target of $57.48, representing a 38% upside from last close. Consensus rating leans towards ‘buy’, with eight analysts assigning a ‘Strong Buy’ rating, eleven a ‘Buy’, two a ‘hold’, and two a Sell’, based on coverage from twenty-three analysts.

What Does Retail Think About Barrick?

On Stocktwits, the retail sentiment for B was ‘neutral’, with ‘normal’ message volumes.

One bullish user said, “$B Despite the risks, I like the fact that Barrick is repositioning into a dual-metal-focused miner that is very likely to enjoy the possible supercycle in copper in the next 2-3 years.”

Another user added “$B My call for Barrick, way back in 2020 was $75 I still see that occurring. Not this cycle, but after the washout.

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