Barrick Mining (B)

Barrick’s modern shape reflects several major portfolio moves. The company acquired Randgold Resources in 2019, bringing in a management team and high-quality African assets, and later combined its Nevada operations with Newmont’s in the Nevada Gold Mines joint venture. That venture is one of the most important gold mining complexes globally and gives Barrick exposure to long-life, low-cost production in a leading mining jurisdiction. Other key assets include Pueblo Viejo in the Dominican Republic and operations in countries such as Mali, Tanzania, the Democratic Republic of Congo and Argentina.

The company also holds substantial copper interests. Growth projects include the Lumwana expansion in Zambia and the Reko Diq copper-gold project in Pakistan, both of which are central to Barrick’s effort to build a more diversified production base. Its reserve profile gives it visibility over future mine life, while exploration remains important to replacing depleted ounces and extending existing operations.

Barrick’s performance is closely linked to gold prices, copper prices, operating costs, mine execution, geopolitical risk and reserve replacement. The company has also outlined plans involving public listings of selected joint venture interests and deposits, reflecting a continuing focus on portfolio value and capital allocation.