The strongest reasons to buy this top mining firm now are its industry-leading exposure to high gold and copper prices, a solid pipeline of organic growth projects in both metals, and a demonstrated ability to generate strong earnings and return capital to shareholders.
Barrick ’s strategy of focusing on Tier One assets and organic growth, rather than risky acquisitions, positions it well for sustainable value creation.
What’s more, its global diversification, operational discipline, and robust financials offer resilience even amid geopolitical challenges.
BARRICK MINING (Toronto symbol ABX; www.barrick.com) is the second-largest gold producer in the world after Newmont Corp. (symbol NEM on New York).
Barrick has now completed its name change to Barrick Mining Corp. (from Barrick Gold) to reflect its push into copper operations.
Barrick common shares commenced trading under the company’s new name on the New York Stock Exchange and the Toronto Stock Exchange at the start of trading on May 9, 2025. In connection with the name change, the ticker symbol for the Barrick common shares listed on the New York Stock Exchange changed to “B,” from GOLD. Barrick common shares continue to trade under the “ABX” ticker symbol on the Toronto Stock Exchange.
The company now plans to focus on building new mines—or expanding its existing ones—instead of making acquisitions. In fact, it expects to boost its overall gold and copper output approximately 30% by the end of this decade.
That development plan includes the Goldrush mine in Nevada, which is ramping up its annual production to a target of over 400,000 ounces by 2028. The adjacent Fourmile project is shaping up as a top mine with potential gold production in excess of 500,000 ounces per annum over more than two decades. In the Dominican Republic, the Pueblo Viejo mine is completing an expansion project designed to increase gold production to more than 800,000 ounces annually beyond 2040.
Barrick is still open to making an acquisition should an appealing opportunity present itself. Specifically, it defines that as a mine that can produce 500,000 ounces of gold annually and be profitable at gold prices of $1,200 an ounce.
Meanwhile, the company will deepen its focus on copper and gold, which, geologically speaking, are often found together.
Barrick has now completed the sale of its 50% interest in the Donlin gold project in Alaska to Paulson Advisers LLC and Novagold Resources (symbol NG on Toronto) for $1 billion in cash. Novagold already held 50% of Donlin.
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Under the agreement, Novagold acquired a 10% interest in Donlin for $200 million, which increases its ownership interest from 50% to 60%, and Paulson acquired a 40% interest in Donlin for $800 million.
Barrick sold its interest in Donlin as part of its current strategy of focusing on long-life, sustainable Tier One gold and copper projects that it operates and advancing its top-priority growth projects
Barrick reports that construction of the $2 billion Super Pit Expansion Project at its Lumwana mine in Zambia is well underway. That’s accelerating its transformation into a Tier One copper mine.
The expansion will double copper production to 240,000 tonnes a year, supported by a 50 million tonne per annum processing plant. Site construction is underway, long-lead equipment orders have been placed, and infrastructure upgrades, including a new power transmission framework developed in partnership with ZESCO, are progressing to support both the mine and the wider region.
All in all, the Lumwana mine will become one of the world’s largest copper mines.
Gold miner posts double-digit earnings growth on much higher gold and copper prices
Barrick produced 758,000 ounces of gold in the quarter ended March 31, 2025. That was down 9.4% from 940,000 ounces a year earlier. Copper production was 44,000 tonnes, up 10.0% from 40,000 tonnes. Due to higher realized gold and copper prices, revenue rose 13.9%, to $3.13 billion from $2.75 billion. (All figures in U.S. dollars.)
Earnings, excluding one-time items, climbed 84.2%, to $0.35 a share, from $0.19.
Although some of Barrick’s assets are located in less stable jurisdictions (like Mali) and come with a higher risk disruption, it has a large and diversified global portfolio.
That cuts risk, as does its big presence in mining-friendly Nevada. In fact, the company has some of the industry’s lowest production costs. All in all, going forward, Barrick’s efficiency gains—along with rising output, and the likelihood of higher gold and copper prices—give it strong appeal.
Meantime, the company continues to use its strong cash flow, fuelled by rising gold and copper prices, to reward investors. The annual dividend rate of $0.40 U.S. yields 1.8%. In addition to paying dividends, Barrick repurchased $498 million of its shares in 2024.
Recommendation in Power Growth Investor: Barrick Mining is a buy.
