Barrick Mining: New Name, Copper Focus, and Investor Revival Ahead
Barrick Mining, formerly known as Barrick Gold, has rebranded itself and changed its stock ticker from GOLD to B, marking a strategic shift that emphasizes its growing stake in the global copper market. The move signals a fresh era for investors who hope the company’s diversification will finally deliver stronger returns after decades of underperformance.
A Strategic Shift Toward Copper
Under CEO Mark Bristow, Barrick Mining is no longer just a gold company. About 20% of its production now comes from copper, a share expected to rise to 30% by 2029, driven by a massive new project in Pakistan and ongoing operations in Zambia. “We’re not just a gold company. We’ve added a copper leg to our stool,” Bristow told Barron’s.
Market Reaction and Valuation
Shares of Barrick Mining dropped 5.8% on Monday to $18.33, following a 2.6% dip in gold prices to $3,238 per ounce. Despite gold’s surge to near-record highs, Barrick’s performance has lagged behind peers like Newmont and Agnico Eagle. Over the past year, Barrick’s stock has gained only 9%, compared with 20% for Newmont and 57% for Agnico Eagle.
Valued at about $31 billion, Barrick trades at roughly half of Agnico’s market cap despite similar gold production. The stock trades for around 10 times projected 2025 earnings and yields approximately 2%, making it one of the cheaper large-cap miners.
Operational Challenges
The company faces challenges, including a dispute with Mali’s government that has halted operations at one of its major mines, Loulo-Gounkoto, which previously produced 600,000 ounces of gold annually. As a result, Barrick projects total gold output of 3.3 million ounces in 2025, down from nearly 4 million last year.
Still, Barrick Mining posted strong first-quarter results, with adjusted earnings up 84% year-over-year to $0.35 per share. Rising costs remain a concern, with all-in sustaining costs up about $300 an ounce to $1,775. Analysts, however, expect improved performance in the second half of the year.
CFRA analyst Matthew Miller maintains a Strong Buy on Barrick, expecting “higher production and lower costs across most operations” in the coming quarters, despite volatility in gold and copper markets.
Positioning for the Next Decade
Bristow remains bullish on both gold and copper. He points to “de-dollarization” trends among central banks and the high debt levels of Western nations as key supports for gold. Meanwhile, copper prices—currently above $4.60 per pound—continue to strengthen despite macroeconomic uncertainty.
With only $600 million in net debt and a diversified resource base, Barrick Mining looks poised to benefit from global shifts toward electrification and alternative currencies. “We’ve replaced every ounce of gold and pound of copper we’ve mined over the past six years,” Bristow said, emphasizing the company’s commitment to sustainable reserves.
The Bottom Line
After decades of disappointing investors, Barrick Mining is attempting a reinvention—rooted in copper expansion, operational discipline, and a renewed focus on growth. If Bristow’s strategy pays off, the company’s low valuation, strong balance sheet, and exposure to two of the world’s most important commodities could finally give investors the breakout they’ve been waiting for.