Barrick Mining Corporation
Materials · Gold
5% operator of Nevada Gold Mines JV with $NEM (largest gold complex globally); Pueblo Viejo expansion lifted throughput to ~800 koz/yr; Reko Diq copper-gold (50% owned, first production targeted 2028) is one of the largest undeveloped Cu-Au deposits worldwide.
September 2025 rebrand from Barrick Gold (GOLD) to Barrick Mining (B) signals copper pivot - targeting equal Au/Cu revenue mix by early 2030s.
gold at record highs driven by central-bank buying + sovereign debasement hedge; AISC ~$1,500/oz vs spot >$3,000 = expanding margins; copper leverage compounds via Reko Diq + Lumwana expansion (Zambia); BlackRock + State Street + Vanguard top holders; FCF inflection as Reko Diq capex peaks 2026-27; Mali Loulo-Gounkoto reopened Q1 2026 after government settlement removes overhang.
Mali political risk (35% gov stake forced renegotiation 2025); Pakistan execution risk on Reko Diq ($6B+ capex, first-of-kind for Barrick partner Antofagasta); single-commodity exposure if Fed cuts faster than priced (gold pullback risk); higher AISC inflation in DRC/Mali vs Nevada; copper transition reduces pure-play gold premium some allocators demand; major capex cycle through 2028 caps near-term FCF.
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