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B — Barrick Mining Corporation

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B — Barrick Mining Corporation

Sector: Mining | Exchange: NYSE | Updated: 2026-04-08

Barrick Mining Corporation (formerly Barrick Gold) is one of the world’s largest gold and copper mining companies. Operates six Tier One gold mines across Africa, Americas, and Asia Pacific.

Business Model

Barrick is a gold and copper mining company operating a portfolio of Tier One and Tier Two assets across four continents. Revenue is generated by mining and selling gold (primarily) and copper. The business model is capital-intensive — major upfront investment in mine construction, followed by decades of production at relatively stable unit costs. Profitability is determined by the spread between commodity prices and AISC. Under CEO Mark Bristow (former Randgold CEO), Barrick’s defining characteristic is portfolio discipline: pruning non-core assets when prices are elevated, growing reserves organically rather than through overpriced M&A, and returning capital while self-funding growth.

Competitive Position

2nd or 3rd largest gold miner globally by reserves and production volume. The Nevada Gold Mines JV with Newmont is the world’s largest gold complex. Key differentiator: Tier-One asset concentration and operational expertise in technically complex jurisdictions. Primary competitors: Newmont Corporation (#1 globally), Agnico Eagle Mines, Gold Fields, AngloGold Ashanti.

Moat Factors

  • Tier-1 asset portfolio with 10–30+ year mine lives
  • Organic reserve replacement at ~$10/oz (industry-leading)
  • Dual-metal platform: gold (safe-haven) + copper (energy transition)
  • Operational expertise in complex jurisdictions (Randgold DNA)
  • Balance sheet self-funding growth without equity issuance
  • Mark Bristow’s 25-year track record of value creation

Business Segments

Nevada Gold Mines — Joint venture with Newmont (Barrick 61.5%, Newmont 38.5%). World’s largest gold mining complex. Barrick’s most profitable and strategically important segment. Cortez is the crown jewel — highest-grade open-pit gold mine in North America.

Africa & Middle East — Loulo-Gounkoto (Mali 80%, SUSPENDED as of 2024), Kibali (DRC 45% JV), North Mara (Tanzania 84%), Bulyanhulu (Tanzania 84%), Tongon (Côte d’Ivoire 89.7%), Jabal Sayid copper (Saudi Arabia 50%). High-quality assets but elevated geopolitical risk.

Copper (Global) — Lumwana Super Pit (Zambia, 100%) — largest open-pit copper mine in Africa, undergoing $2B+ expansion. Zaldivar (Chile, 50% JV with Antofagasta). Jabal Sayid (Saudi Arabia, 50%). Reko Diq (Pakistan, 50% — under development, targeted 2028 production start, projected 38-year mine life).

Latin America & Caribbean — Pueblo Viejo (Dominican Republic, 60% JV with Newmont) — flagship. Expanding to 800Koz+ attributable from 2026 after tailings facility upgrade. Veladero (Argentina, 50% JV). High cost jurisdictions but large, long-life reserves.

Asia Pacific & North America — Porgera (Papua New Guinea, 47.5% JV — restarted 2024 after 4-year suspension). Hemlo (Ontario, Canada, 100%). Smaller combined contribution but Porgera restart adds meaningful production uplift.

Management

Mark Bristow (President & CEO)

Graham Shuttleworth (Senior EVP & CFO)

Investment Case

Bull Case

  • Gold price tailwinds from central bank buying, dedollarization trends, and persistent geopolitical instability support $2,000–$2,500+ gold long-term. Exceptional operational leverage — each $100/oz rise in gold price adds ~$400M FCF annually. Reko Diq copper project (Pakistan) provides decades of tier-one copper growth not yet priced into market cap. Organic reserve replacement at ~$10/oz is industry-leading and extends asset longevity. Balance sheet strong enough to self-fund all major capex without equity dilution. Bristow’s track record on portfolio discipline and value creation is exceptional.

Bear Case

  • AISC creep ($1,262 → $1,390 over 3 years) narrows margin expansion narrative if gold plateaus. Mali/Loulo dispute (~10% of production) remains unresolved — prolonged suspension materially impairs 2025 targets. Reko Diq execution risk is the single biggest concern: $5.6-6B capex in Pakistan is the largest project in Barrick’s history; delay, overrun, or political shift in Balochistan would be material. Gold price mean-reversion from $2,400+ would significantly compress FCF and re-rate the stock.

Key Risks

  • Mali / Loulo-Gounkoto Dispute (high): Loulo-Gounkoto (Mali, 80% Barrick) contributes ~400Koz/year (~10% of attributable gold production). Three Barrick employees detained by Malian government since end-2024. Mine in care-and-maintenance. No timeline for resolution.
  • Reko Diq Execution & Pakistan Risk (high): Largest single capex commitment in Barrick history ($5.6-6B, Barrick 50%). Located in Balochistan, Pakistan — historically challenging jurisdiction. Project financing not yet signed as of Q4 2024 (targeting Q3 2025). Production target end-2028.
  • Gold Price Volatility (high): Revenue and FCF highly correlated to spot gold price. AISC ~$1,390/oz. A $100/oz gold price decline reduces annual revenue ~$400M. Return to $1,800/oz gold would eliminate most FCF and require significant capex prioritization.
  • Rising All-In Sustaining Costs (AISC) (medium): AISC rose from $1,262/oz (2022) to $1,390/oz (2024) — a $128/oz increase in 2 years driven by labor, energy, and reagent inflation. Industry-wide trend. If gold price plateaus, margin compression accelerates.
  • Geopolitical Concentration in High-Risk Jurisdictions (medium): ~40-50% of production from Mali, DRC, Tanzania, Pakistan, PNG — all elevated-risk jurisdictions. Regulatory changes, resource nationalism, or instability can disrupt operations with limited warning.

Roadmap

Delivery: 1/10 (10%)

CommitmentDate SaidSourceFollow-up
⏳Potential IPO of North American gold assets (Nevada Gold Mines, Fourmile, related assets) — exploring structure and timing2026-02-27FY2025 40-F / MD&A
⏳Lumwana Super Pit Expansion: Major capex phase continuing — capex guided $600M+ in 2026, target to become top-tier copper producer2026-02-27FY2025 40-F / MD&A
⏳Incorporate Fourmile ultra-high-grade project into Nevada Gold Mines JV at fair market value2026-02-27FY2025 40-F / MD&A
⏳Search for permanent President and CEO to succeed Mark Bristow — interim leadership in place2026-02-27FY2025 40-F / MD&A
⏳Achieve 30%+ group-wide gold equivalent production growth by end of decade (2029-2030), anchored by Reko Diq, Lumwana, Pueblo Viejo, and Nevada2025-02-12Q4 2024 Earnings CallConstruction ongoing, on schedule for 2028 production
✅Resolve Mali/Loulo situation and restart production — arbitration filed, contingency plan for restart early March 2025 if employees released2025-02-12Q4 2024 Earnings CallLoulo-Gounkoto operations resumed in FY2025 after $559M settlement payment to Mali government in Q4 2025. Employees released. Royalty rate now 18% under 2023 Mining Code.
⏳Reko Diq Phase 1: Complete project financing by Q3 2025 and begin construction — production target end of 2028, cost $5.6–6B (100% basis)2025-02-12Q4 2024 Earnings CallConstruction ongoing, on schedule for 2028 production
⏳Lumwana Super Pit Expansion: Deploy $600M capex in 2025 — feasibility complete, permits received, early works and long-lead fabrication underway2025-02-12Q4 2024 Earnings CallReview quarterly update for capex/permits/progress; update status and add evidence link.
⏳Pueblo Viejo: Achieve mid-600,000 oz attributable production in 2025, then exceed 800,000 oz from 2026 onward; El Naranjo tailings relocation complete by 20292025-02-12Q4 2024 Earnings CallReview production guidance milestones; update status and add evidence link.
⏳Fourmile (Nevada): Complete pre-feasibility study within 3 years; allocate $78M in 2025 for study; grade significantly higher than adjacent Goldrush (~12g/t vs 6g/t)2025-02-12Q4 2024 Earnings CallCheck study timeline/capex updates; update status and add evidence link.

Management Quotes

“By any measure, Barrick Gold Corporation today presents a standout value opportunity. Consensus NAV analysis shows Nevada and copper assets alone exceed our market cap — implying negative value for all our remaining Tier 1 and Tier 2 assets.”

— Mark Bristow (CEO), Q4 2024 Earnings Call (2025-02-12) #strategy

“We are focused on delivering sustainable long-term value by owning the best gold and copper assets managed by the best people. With gold becoming more important as a safe haven in a geopolitically uncertain world, and copper being as strategic as gold is precious.”

— Mark Bristow (CEO), Q4 2024 Earnings Call (2025-02-12) #strategy

“Every one of our operations are independently viable, and Barrick’s balance sheet is very solid. And so, with or without Loulo will not change our long-term plan, our five-year plan.”

— Mark Bristow (CEO), Q4 2024 Earnings Call (2025-02-12) #risk

“PV is a big value creator in Barrick. And again, you’ve seen I don’t hesitate to clean up the portfolio at the appropriate time. And the best time is when you have higher commodity prices.”

— Mark Bristow (CEO), Q4 2024 Earnings Call (2025-02-12) #strategy

“The key message is that Reko Diq transforms our copper production profile from 2029 onward, and Lumwana positions us as a top-tier copper producer well before that.”

— Graham Shuttleworth (CFO), Q4 2024 Earnings Call (2025-02-12) #growth

Financials

Data available for: 2020, 2021, 2022, 2023, 2024, 2025 (USD Billion)

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