Barrick Gold  proposes rebranding to reflect focus on copper

GlobalData

Mon, Apr 7, 2025, 3:56 AM 2 min read

Barrick Gold has projected dropping golden from its sanction and rebranding to Barrick Mining to bespeak its propulsion into copper operations.

In the 2025 Information Circular, Barrick Gold president John Thornton said this determination is aimed astatine reflecting its “changing accumulation profile”.

For respective years, CEO Mark Bristow has expressed his ambition to grow the company's copper operations, reported Bloomberg.

Barrick Gold is presently progressing its portfolio of maturation projects towards a planned 30% summation successful golden equivalent ounces by the extremity of 2030.

According to Thornton, contempt facing a hard operating environment, Barrick achieved the goals it established for 2024. The institution met its accumulation targets for some golden and copper, upheld its grounds of reserve replacement and importantly expanded its assets base.

The institution enhanced its fiscal show contempt rising costs, achieving a 69% summation successful nett earnings, said to beryllium its highest successful a decade.

Furthermore, it saw a 20% maturation successful operating currency travel and a doubling of escaped currency travel successful 2024 arsenic against 2023.

“At the aforesaid time, we developed our portfolio to execute sustainable accumulation and profitable growth. We continued to ramp up Pueblo Viejo, started prefeasibility enactment astatine Fourmile and restarted the Porgera mining operation. We completed feasibility studies for Reko Diq [in Pakistan], 1 of the world’s largest undeveloped copper-gold deposits, and the Lumwana Expansion task [in Zambia], which volition go 1 of the world’s largest copper mines,” said Thornton.

Both the projects are expected to lend to the company's nonsubjective of organically expanding its accumulation volumes, particularly successful copper.

Despite the summation successful metallic prices, mining equities, including Barrick's, person not performed arsenic good arsenic expected, Thornton said, adding: “We viewed our equity arsenic undervalued and consequently repurchased $498m of shares successful 2024 and we volition proceed to prosecute stock buybacks whenever we judge our shares are trading beneath their intrinsic value.”

“We person an industry-leading equilibrium sheet, important liquidity and a planetary portfolio of Tier One assets. These qualities, on with our afloat funded pipeline of integrated maturation projects, enactment america connected way to turn the institution and summation per-share returns implicit the agelong term,” helium added.

Meanwhile, the committee has appointed caller chairs for the company’s cardinal committees, with Isela Costantini starring the Compensation Committee, Loreta Silva heading the Audit & Risk Committee and Brian Greenspun chairing the Environmental, Social, Governance & Nominating Committee.