Barrick Gold Eyes Copper Future with Proposed Name Change to Barrick Mining Corp
Barrick Gold Corp., the world’s second-largest gold producer and listed on the New York Stock Exchange under the ticker “GOLD,” is signaling a major strategic shift — one that leans heavily into copper.
The Canadian mining giant has proposed changing its name to Barrick Mining Corp., dropping “Gold” from its title in a move that underscores its growing focus on copper and its diversification beyond its traditional bullion roots.
Barrick is currently investing $6 billion into developing a massive copper project in Pakistan, set to launch in 2028 and operate for more than 40 years.
At the same time, the company is expanding its copper operations in Zambia, aiming to transform it into one of the largest copper mines in the world.
CEO Mark Bristow has long emphasized copper as a strategic priority. Though earlier takeover ambitions for major copper players like Freeport-McMoRan Inc. and First Quantum Minerals Ltd. did not materialize, the company’s copper ambitions have remained steady.
“Barrick is clearly more focused on copper now,” said Carey MacRury, a mining analyst at Canaccord Genuity. “They haven’t made any major gold acquisitions or built new gold projects since Bristow took over.”
This pivot marks a sharp break from Barrick’s past. Under its founder, Peter Munk, the Toronto-based company grew into a dominant force in gold through aggressive dealmaking.
Today, however, the outlook for mining is shifting. Copper — critical for the global energy transition and electric vehicle production — is expected to see soaring demand, while new supply remains limited.
The industry’s largest players are scrambling to secure future copper sources amid looming shortages.
Meanwhile, Barrick’s gold production has fallen to its lowest level in over 25 years, hampered by aging mines, geopolitical risks, and slower expansion across its operations.
Rival Newmont Corp. has solidified its lead as the world’s top gold producer, while Agnico Eagle Mines Ltd., currently third, is on track to match Barrick’s gold output this year.
Barrick stated on Friday that the proposed name change “more appropriately reflects the company’s broader portfolio of mining activity, rather than a business focused predominantly on gold.” Shareholders will vote on the change at the company’s annual meeting on May 6.
