Barrick Gold Sells Assets and Pivots to Copper as Bullion Prices Soar
Barrick Gold, one of the world’s leading gold producers, is seizing the opportunity presented by record-high gold prices to streamline its portfolio and pivot more aggressively toward copper mining.
On Tuesday, the company announced the sale of its 50% stake in the Donlin gold project in Alaska to billionaire investor John Paulson and Novagold Resources for $1 billion—well above Toronto-Dominion Bank’s estimated $600 million valuation.
This move is part of a broader strategy to divest non-core assets while gold prices remain elevated.
Barrick has also hinted at additional asset sales, with mining operations in Africa and North America already being marketed to potential buyers.
These include the Tongon gold mine in Côte d’Ivoire and Hemlo, Barrick’s last remaining gold operation in Canada. Combined, the two mines account for less than 10% of Barrick’s total production.
The strategy mirrors that of Barrick’s competitor, Newmont, which earlier this year raised $4.3 billion through asset sales—more than double its initial projection—as investor appetite surged amid the gold rally.
By offloading smaller, aging gold assets, Barrick aims to sharpen its focus on large-scale “Tier 1” operations that contribute the bulk of its revenue, while freeing up capital for major development projects.
These include a $6 billion copper venture in Pakistan and a planned expansion of its Zambian operations—potentially positioning Barrick as a major player in global copper production.
“It’s just as hard to run a mine that produces 200,000 ounces as it is to run one producing 500,000,” said Carey MacRury, a mining analyst at Canaccord Genuity. “Barrick is targeting long-life, world-class ore bodies.”
The company’s strategic shift marks a broader transformation. Headquartered in Toronto, Barrick is reportedly considering rebranding from Barrick Gold to Barrick Mining—a move that would reflect its evolving focus.
CEO Mark Bristow has long advocated for growth in copper, having previously explored takeovers of major producers like Freeport-McMoRan and First Quantum Minerals, though no deals materialized.
The sale of the Donlin stake may be the first of several transactions. “It came to our attention late last year that Barrick wanted to sell their stake,” Paulson said.
“That was opportune for us. Barrick’s focused on other projects globally and pivoting more into copper. Meanwhile, we’re increasing our exposure to gold.”
As gold prices remain strong, Barrick appears well-positioned to reshape its portfolio—turning bullion gains today into long-term copper strength tomorrow.
