Barrick Mining
Barrick Mining Corporation is a mining company that produces gold and copper. It has mining operations and projects in Argentina, Canada, Chile, Democratic Republic of the Congo, Dominican Republic, Ecuador, Egypt, Jamaica, Mali, Pakistan, Papua New Guinea, Peru, Saudi Arabia, Senegal, Tanzania, the United States and Zambia. In 2024, it produced 3.91 million ounces of gold at all-in sustaining costs of $1,484/ounce and 195,000 tonnes of copper at all-in sustaining costs of $3.45/pound. the company had proven and probable reserves of 89 million ounces of gold and 18 million tonnes of copper.
Barrick had been the world's largest gold mining company until Newmont acquired Goldcorp in 2019. Barrick expects to produce between 3.9 and 4.3 million ounces of gold and between 180 and 210 million tonnes of copper in 2024.
The company has previously been known as Barrick Gold Corporation, American Barrick Resources Corporation and Barrick Resources.
History
Founding and early years
Barrick Resources
Barrick Gold Corporation evolved from a privately held North American oil and gas company, Barrick Resources. After suffering financial losses in oil and gas, founder Peter Munk decided to refocus the company on gold. Barrick Resources Corporation became a publicly traded company on May 2, 1983, listing on the Toronto Stock Exchange.1986 to 2005
Goldstrike
In the 1980s, Barrick Gold purchased Goldstrike, which was a rapid success making Barrick one of the biggest gold mining companies globally.American Barrick
Reflecting its identity as a North American producer, distinct from its South African competitors, the company's name was changed to American Barrick Resources in 1986. It was listed on the New York Stock Exchange in February 1987. Its name was changed to Barrick Gold Corporation in 1995.Barrick Gold Corporation
American Barrick became the third-largest gold mining company in the world when it acquired Lac Minerals in 1994, which owned mining properties in North and South America. Two years later, in 1996, Arequipa Resources, owner of properties including the Pierina mine in Peru, accepted a takeover offer from the renamed Barrick Gold Corporation. A third acquisition followed in early 1999, when Barrick Gold acquired Sutton Resources Ltd., assuming ownership of properties in Tanzania. In 2001, Barrick acquired Homestake Mining Company for $2.3 billion in stock, then one of the oldest mining companies in the United States. The purchase made Barrick the second-largest gold producer in the world.Placer Dome acquisition
In December 2005, Barrick launched a hostile takeover bid valued at US$9.2 billion for rival Canadian gold miner Placer Dome. The $10.4 billion transaction closed in December 2006. The acquisition of Placer Dome by Barrick made Barrick the operator of the Granny Smith, Osborne, Porgera, South Deep, Bald Mountain, Cortez and Golden Sunlight mines.2006 to present
African Barrick Gold
In February 2010, Barrick Gold announced plans to create a separate company to hold its assets in Tanzania, called African Barrick Gold. Barrick Gold would retain majority ownership in the new company, after its listing on the London Stock Exchange. African Barrick Gold was listed on the London Stock Exchange in mid-March 2010, with an IPO valuation at US$3.6 billion. The shares offered on the LSE raised just more than 500 million pounds. In June the company was admitted to the FTSE 100 Index.Equinox Minerals
In April 2011, Barrick beat a takeover offer for Equinox Minerals by China Minmetals.Shandong Gold
In 2018, John L. Thornton orchestrated a strategic “trust-based relationship” between Barrick Gold and Shandong Gold Group, a Chinese state-owned enterprise, establishing joint ownership of the Veladero mine to capitalize on Shandong's investor base, capital suppliers, political connections, and regional influence. In the press release announcing the partnership, Thornton said that Barrick and Shandong were looking forward to “sharing... capital in ways that will create added value for our respective owners, and our government and community partners in San Juan province”.Randgold Resources
In September 2018, Barrick Gold announced an all-stock merger with Randgold Resources in a deal valued at $6.5 billion. Immediately following the announcement of the merger, Randgold shares rose 6% and Barrick shares rose 5.6%. The deal created the world's largest gold producer with the new company listed on the Toronto Stock Exchange and New York Stock Exchange. The companies began talking about a combination in 2015 and the deal was orchestrated by Barrick Executive Chairman John L. Thornton and Randgold Founder and CEO Mark Bristow, who became CEO of the merged company.Newmont
In February 2019, Barrick Gold announced a hostile $19 billion bid to acquire Newmont. It was estimated that a merger could create $7 billion of value in operational synergies and would result in a 14% rise in Newmont's net asset value per share. The deal would have created a gold mining company with a market value of about $42 billion that some said would be a long-overdue restructuring of the global gold industry. Merging gold companies could make the industry more attractive to general investors as gold reserves are shrinking across the globe so fewer competitors could boost growth prospects. Newmont rejected the takeover offer and instead suggested the two companies' operations in Nevada, USA, be merged with Newmont CEO Gary Goldberg insisting that the joint venture be operated by Newmont with the two companies dividing the ownership equally. A joint venture was subsequently announced in March 2019 with Barrick as the operator owning 61.5% of the business.Nevada Gold Mines
On July 1, 2019, Barrick and Newmont launched Nevada Gold Mines. The combined operation is the single largest gold mining complex in the world and employs more than 7,000 people. It combined the mines Goldstrike, Cortez, Turquoise Ridge, and Goldrush from Barrick and Newmont's Carlin, Twin Creeks, Phoenix, Long Canyon sites, plus the associated processing plants and infrastructure of both companies. The joint venture was created after Barrick gave up a takeover bid for Newmont in early 2019.Nevada Gold Mines in total comprises 10 underground and 12 opencast mines, two autoclave facilities, two roasting facilities, four oxide mills, a flotation plant and five heap leach facilities. Barrick owns 61.5% of the joint venture and operates the business, while Newmont owns 38.5%. It was estimated that $500 million could be saved by creating the joint venture in average annual synergies during the first five years of operating the joint venture. After its first year of operation, $35 million in operating and management costs were saved. Over 20 years, it is estimated that $4.7 billion of total savings will be realised.
Reko Diq Project
Pakistan plans to grant Barrick a mining lease, exploration license and surface rights to restart the Reko Diq copper-gold project, it was announced in March 2022. The project when in production has the potential to be one of the top five gold-copper mines in the world. It has the potential to produce 250,000 ounces of gold and 200,000 tons of copper every year for more than half a century and could be in production by 2027. It was estimated that the project site contains up to 42 million ounces of gold and 54 billion pounds of copper in a study done in 2010. The mineral deposit was discovered at the foot of an extinct volcano in the 2000s. Work on the project was stopped in 2011 when a mining license to develop the Reko Diq mine was refused to be granted by Pakistani authorities. Ownership of the mine is to be split evenly between Pakistan and Barrick, which are investing about $10 billion in the project, which is the single largest investment in the country. About 8,000 jobs are expected to be created and about $1 billion will be invested in a new mining technical school along with hospital, schools and roads in the province of Balochistan, which is poor and sparsely populated. Construction of the mine will take place in two phases beginning with a processing plant with the capacity of 40 million tonnes per year and doubling five years after being commissioned.The federal government of Pakistan and provincial government of Balochistan have called the agreement with Barrick Gold to develop the Reko Diq copper-gold project the largest investment pact they have ever made. The agreement signed in December 2022 has the province of Baluchistan owning 10% of the project on a free carried basis, 15% on a fully funded basis, 25% by three state-owned enterprises, and 50% by Barrick Gold. Next steps to ramp-up the project include completing the updated feasibility study by the end of 2024 with first production of gold and copper to occur in 2028.
Corporate Strategy and Name Change (2025)
In May 2025, Barrick Gold Corporation officially changed its name to Barrick Mining Corporation, following shareholder approval at its Annual and Special Meeting on May 6, 2025. The rebranding reflects Barrick’s evolution from a gold-focused company to a diversified mining enterprise with a growing copper portfolio. The company stated that its vision is to become “the world’s most valued gold and copper exploration, development and mining company.”The name change took effect on May 9, 2025, when Barrick’s common shares began trading under the new name on the New York Stock Exchange and the Toronto Stock Exchange. The NYSE ticker symbol was changed from GOLD to B, while the TSX symbol ABX remained unchanged. A new CUSIP number was also assigned.
This strategic rebranding aligns with Barrick’s broader business model, which now includes significant copper operations alongside its six Tier One gold mines. Key projects supporting this dual-commodity approach include the Pueblo Viejo expansion, the Fourmile gold project in Nevada, and the Reko Diq copper-gold project in Pakistan. Barrick views copper as critical for the global energy transition, complementing gold’s role as a store of value.