Barrick Gold Plans Rebrand to Focus on Copper Expansion

Published 17 days agoGOLD

Barrick Gold Plans Rebrand to Focus on Copper Expansion

Barrick Gold has announced plans to rebrand itself as Barrick Mining Corporation, signaling a strategic shift to expand its operations beyond gold into the copper market. This move highlights the company's intent to diversify its portfolio in response to evolving market demands.

According to Insider Monkey, Barrick aims to increase copper's contribution to its revenue from the current 12% to 30% by 2030. This strategic pivot is part of a broader plan to achieve a 30% growth in gold equivalent ounces during the same period while retaining its status as the second-largest gold producer globally. Key projects underpinning this goal include the Reko Diq copper-gold venture in Pakistan and the Lumwana Expansion in Zambia.

Recent financial reports reveal that Barrick experienced a 69% rise in net earnings in 2024, doubling its free cash flow compared to the previous year. These financial strides underscore the company's commitment to robust growth through strategic investments and operational expansions. By rebranding, Barrick aims to better encompass its identity and objectives as it aggressively pursues opportunities in the copper sector.

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