Barrick Mining’s record earnings establishes it as one of the mining industry’s premier profit 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 140% dividend increase. And as gold prices face structural support from currency debasement concerns and central bank accumulation, investors can expect sustained or higher returns.
BARRICK MINING CORP. (Toronto symbol ABX; www.barrick.com) is the second-largest gold miner in the world after Newmont Corp. (New York symbol NEM, and a recommendation of our Wall Street Stock Forecaster newsletter). Barrick is a global senior gold and copper miner focused on long‑life, low‑cost tier‑one mines and a deep project pipeline, with assets spanning North America, Africa, the Middle East and Latin America.
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, in November 2025, Barrick completed the sale of 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’s planned spin‑off aims to unlock value
Under pressure from activist investor Elliott Management, Barrick now plans to set up its North American gold operations as a separate company from its gold and copper mines in riskier parts of the world such as certain regions in Africa, the Middle East, Asia and South America. It will sell a minority stake, probably between 10% and 15%, through an initial public offering. It expects to complete the sale in late 2026.
The North American assets include the Nevada Gold Mines venture, in which Newmont 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.
The prospect of a breakup has spurred activist investor Elliott Management to purchase $700 million worth of Barrick’s shares.
Barrick is now looking for a new CEO, so its plans could change. Still, Elliott’s involvement should spur it to keep looking for ways to boost shareholder value.
Investors should note that Newmont wants Barrick to improve the performance of the Nevada operations. That could complicate the terms and timing of the IPO.
Barrick is also conducting a review of its 50%-held copper-gold project Reko Diq, in Pakistan, given the region’s security concerns.
In the three months ended December 31, 2025, Barrick’s revenue increased by 96.0%, to $6.00 billion from $3.06 billion a year earlier. Revenue rose due to higher gold and copper sales volumes, a 21% increase in realized gold prices, and a strong finish to the year at Nevada Gold Mines, particularly at the Carlin operation.
Excluding one-time items, earnings rose 120.9%, to $1.75 billion, or $1.04 a share, from $794.0 million, or $0.46. Earnings rose due to the surge in gold and copper prices, improved production volumes across key mines, and lower unit costs relative to realized prices.
Thanks to strong gold prices and cash flow, Barrick is increasing your quarterly dividend by 140.0%. With the March 2026 payment, investors received $0.42 U.S. a share instead of $0.175 U.S. The new annual rate of $1.68 U.S. yields 4.1%. The company also repurchased $1.5 billion U.S. of its shares in 2025.
Recommendation in Power Growth Investor: Barrick Mining Corp. is a buy.
