Barrick Gold Seeks to Sell Stake in Zaldivar Copper Mine as Focus Shifts to Larger Projects
Barrick Gold is looking to divest its 50% stake in the Zaldivar copper mine in Chile, as the company shifts its focus to larger and more profitable operations, according to sources familiar with the matter.
The company has enlisted advisors and approached potential buyers for its share in the mine, which is jointly owned with Antofagasta. The process is still in its early stages, and no deal is guaranteed, the sources said, speaking on the condition of anonymity.
Although Barrick is keen to expand its copper portfolio in response to the decarbonization trend favored by many investors, it has also sought to streamline its operations, concentrating on tier-one assets and reducing debt.
The Zaldivar mine, which produced approximately 80,000 tons of copper last year, is relatively small compared to larger Andean mines. Despite this, the project will require significant investments in the future.
Barrick is prioritizing its larger copper ventures, such as the Reko Diq project in Pakistan and the Lumwana mine in Zambia, where it serves as the operator.
CEO Mark Bristow, who joined Barrick in 2019 following its acquisition of Randgold Resources, has focused on improving the company’s balance sheet, reducing debt, and pursuing strategic acquisitions. Barrick’s move into copper aligns with the growing demand for the metal, driven by the global energy transition.
In addition to these strategic shifts, Barrick faces challenges at its flagship mine in Mali, where it recently suspended operations due to a government dispute over the removal of gold from the mine.
