Barrick’s record cash flow establishes it as one of the mining industry’s premier cash generators. With gold trading near all-time highs and elevated for the foreseeable future due to persistent inflation concerns and geopolitical uncertainty, this global miner’s cash flow power will remain substantial.
The company has explicitly committed to returning capital to shareholders, as evidenced by the 25% dividend increase. As gold prices face structural support from currency debasement concerns and central bank accumulation, investors can expect sustained or higher cash returns.
BARRICK MINING CORP. (Symbol ABX on Toronto; barrick.com) is the second-largest gold miner in the world after Newmont (symbol NEM on New York, and a recommendation of our Wall Street Stock Forecaster newsletter).
Barrick has found a buyer for its interests in the Tongon gold mine in the Ivory Coast and certain of its exploration properties in the country.
The buyer is the Atlantic Group, and the total purchase value is up to $305 million. The price is composed of a cash consideration of $192 million, which includes a $23 million shareholder loan repayment within six months of closing. There’s also contingent cash payments totalling up to $113 million payable based on the price of gold over 2.5 years and resource conversions over 5 years.
The Tongon mine, which is 682 kilometres north of Abidjan, has been a notable asset for Barrick, contributing roughly 5% of its total gold production, or 204,000 ounces, in the past year.
The company held a nearly 90% stake in the mine, while the Ivory Coast government and local investors own the remaining shares. Barrick had previously attempted to sell the Tongon mine in 2019.
Meanwhile, Barrick is also selling its last producing Canadian gold mine, Hemlo, to Carcetti Capital for up to $1.09 billion. The deal includes $875 million in cash, $50 million in shares of the renamed Hemlo Mining Corp., and up to $165 million in contingent payments linked to output and gold prices starting in 2027.
Hemlo has produced more than 21 million ounces of gold and was once one of Canada’s most important mining camps.
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Barrick continues to implement a strategy of shedding smaller, less profitable assets, which began after its 2019 merger with Africa-focused Randgold Resources.
Meanwhile, Barrick has now given Fluor Corp. (symbol FLR on New York) final notice to proceed with construction on its Reko Diq mine in Pakistan.
In April 2025, Barrick selected Fluor as its lead engineering, procurement and construction management partner at the project.
Reko Diq is expected to produce $74 billion in free cash flow over the next 37 years. Barrick holds a 50% stake in the mine, while the governments of Pakistan and Balochistan own the remaining stake.
Barrick considers Reko Diq one of the largest under-developed copper-gold areas globally.
Barrick’s chance of a spinoff adds a lot of appeal
Barrick is considering selling a minority stake in its North American gold assets, separating them from the miner’s gold and copper mines in riskier parts of the world such as in Africa, the Middle East, Asia and South America.
The company will now explore an initial public offering of a new company to house the North American operations. Those include the Nevada Gold Mines venture, in which Newmont (symbol NEM on New York) owns an almost 39% stake, and the Pueblo Viejo mine in the Dominican Republic, which is 40% held by Newmont. It also would include Barrick’s wholly owned Fourmile discovery in Nevada, which the company describes as one of this century’s most significant gold finds.
The review comes as Barrick hunts for a new CEO and looks to expand production. It also comes in the wake of activist investor Elliott Management building up a sizable stake in Barrick, spurred by the prospect of a breakup.
Barrick says that, if an initial public offering of the assets goes ahead, it intends to retain a significant controlling interest in the new company, along with its various other assets globally
On November 10, 2025, Barrick’s board approved a 25% increase in the base quarterly dividend to $0.125 per share, plus a $0.05 performance dividend, totaling $0.175 per share for the quarter. This represents the first dividend increase announced following record cash flows. The company has returned $1.6 billion to shareholders through dividends and buybacks year-to-date, demonstrating strong shareholder-friendly capital allocation. At present the shares yield 1.7%.
Recommendation in Power Growth Investor: Barrick Mining Corp. is a buy.
