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Released May 08, 2025 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--As it aims to boost its copper mining, exploration and development, Barrick Gold Corporation (NYSE:GOLD) (Toronto, Ontario), which will soon be known as Barrick Mining Corporation, recently provided updates on strategic growth projects.
Barrick's shareholders approved the name change on May 6, and the company will now trade under the ticker symbol "B" instead of "GOLD," effective May 9.
"Along with our world-class portfolio of six Tier One gold mines, we are building a substantial copper business which will be a meaningful contributor to growing our production volumes in the coming years and beyond," Barrick President Mark Bristow said in the company's first-quarter earnings press release May 7. "Gold remains core to our foundation, and we will continue to explore for and develop new gold mines, including the expansion of Pueblo Viejo, the exciting Fourmile gold project in Nevada and exemplified by the Reko Diq project with its world class mix of both copper and gold."
Barrick's Tier One gold mines have a stated life in excess of 10 years, annual production of at least 500,000 ounces, and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve.
Barrick reported $631 million in total first-quarter capital expenditures (capex), including $205 million in project capex and $423 million in sustaining capital. Total capex was up from $572 million in first-quarter 2024. The company defines sustaining capital as spending "required to support current production levels," while project capex represents capital spending for new projects or work to existing operations, intended to increase production or boost mine life.
For full-year 2025, the company projects between $1.7 billion and $1.95 billion in project capex, and between $1.4 billion and $1.65 billion in sustaining capex.
The Pueblo Viejo expansion project in the Dominican Republic is designed to allow the company to maintain its goal of reaching an annual gold production of 800,000 ounces per year by 2030 at the mine. It entails the expansion of a processing plant, which Bristow said on the earnings-related conference call is ramping up production; he added early works for the addition of a tailings storage facility are underway. First production is targeted for the end of 2028. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for a list of detailed reports for projects related to the expansion.
Bristow also said construction of the two-phase, $7 billion Reko Diq copper-gold mine in Pakistan is underway. Phase I of the open-pit mine, which is expected to have a mine life of 40 years, is designed for a mining capacity of roughly 40 million tons of ore per year; the second phase is designed to increase that to 90 million tons per year. Production is targeted to begin in 2028. Subscribers can read more information on Phase I and Phase II.
Five years ago, Barrick acquired Randgold Resources, and in doing so, obtained the operational Lumwana Copper Mine and Processing Plant in Zambia--where Barrick expects construction to begin later this year on a new standalone concentrator plant that is designed to increase annual production capacity from 150,000 tonnes to nearly 240,000 tonnes. Subscribers can learn more from a detailed project report.
In the U.S., Bristow said the Fourmile underground gold mine in Nevada is in the prefeasibility stage. According to the earnings-related press release, Barrick has ramped up to 16 rigs "running to define substantial extensions to mineral resources." The mine is designed for an annual production of at least 500,000 ounces of gold. Subscribers can read more in a detailed project report.
Barrick reported first-quarter gold production of 758,000 ounces, which was at the top end of guidance, while copper production rose to 44,000 tonnes, up 10% year-over-year, on improved costs.
Barrick aims to utilize growth projects to support a 30% growth in gold equivalent ounces by the end of the decade.
The company rode high gold prices to a 59% increase in first-quarter net earnings year-over year ($474 million up from $295 million). The average realized gold price for the quarter of $2,898 per ounce was up 40% year-over-year, the company said, which supported stronger margins, despite the ongoing expansion work at Pueblo Viejo and planned maintenance at Nevada Gold Mines--"initiatives that will position both mines for a stronger output next quarter and the rest of the year." Full-year guidance for both gold (between 3.15 million and 3.5 million ounces) and copper (between 200 and 230 million tonnes) production remained unchanged.
Nevada Gold Mines (NGM) is Barrick's joint venture with Newmont Corporation (NYSE:NEM) (Greenwood Village, Colorado) that combines their mining operations, assets, reserves and personnel assets. Barrick is the sole operator.
NGM includes the operational Carlin and Cortez mines, while the company is currently constructing the Goldrush underground gold mine. Construction kicked off in early 2024, and the mine is designed to produce 500,000 ounces per year over a 16-year mine life and truck oxide ores to the Cortez mine. Subscribers can learn more about Goldrush from a detailed project report.
Industrial Info is tracking 62 active and planned projects from Barrick worldwide, totaling about US$13.65 billion of investment. Subscribers can click here for a full list of projects.
Subscribers to Industrial Info's GMI Database can click here to view reports for all of the projects discussed in this article and click here for the related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
Barrick's shareholders approved the name change on May 6, and the company will now trade under the ticker symbol "B" instead of "GOLD," effective May 9.
"Along with our world-class portfolio of six Tier One gold mines, we are building a substantial copper business which will be a meaningful contributor to growing our production volumes in the coming years and beyond," Barrick President Mark Bristow said in the company's first-quarter earnings press release May 7. "Gold remains core to our foundation, and we will continue to explore for and develop new gold mines, including the expansion of Pueblo Viejo, the exciting Fourmile gold project in Nevada and exemplified by the Reko Diq project with its world class mix of both copper and gold."
Barrick's Tier One gold mines have a stated life in excess of 10 years, annual production of at least 500,000 ounces, and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve.
Barrick reported $631 million in total first-quarter capital expenditures (capex), including $205 million in project capex and $423 million in sustaining capital. Total capex was up from $572 million in first-quarter 2024. The company defines sustaining capital as spending "required to support current production levels," while project capex represents capital spending for new projects or work to existing operations, intended to increase production or boost mine life.
For full-year 2025, the company projects between $1.7 billion and $1.95 billion in project capex, and between $1.4 billion and $1.65 billion in sustaining capex.
The Pueblo Viejo expansion project in the Dominican Republic is designed to allow the company to maintain its goal of reaching an annual gold production of 800,000 ounces per year by 2030 at the mine. It entails the expansion of a processing plant, which Bristow said on the earnings-related conference call is ramping up production; he added early works for the addition of a tailings storage facility are underway. First production is targeted for the end of 2028. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for a list of detailed reports for projects related to the expansion.
Bristow also said construction of the two-phase, $7 billion Reko Diq copper-gold mine in Pakistan is underway. Phase I of the open-pit mine, which is expected to have a mine life of 40 years, is designed for a mining capacity of roughly 40 million tons of ore per year; the second phase is designed to increase that to 90 million tons per year. Production is targeted to begin in 2028. Subscribers can read more information on Phase I and Phase II.
Five years ago, Barrick acquired Randgold Resources, and in doing so, obtained the operational Lumwana Copper Mine and Processing Plant in Zambia--where Barrick expects construction to begin later this year on a new standalone concentrator plant that is designed to increase annual production capacity from 150,000 tonnes to nearly 240,000 tonnes. Subscribers can learn more from a detailed project report.
In the U.S., Bristow said the Fourmile underground gold mine in Nevada is in the prefeasibility stage. According to the earnings-related press release, Barrick has ramped up to 16 rigs "running to define substantial extensions to mineral resources." The mine is designed for an annual production of at least 500,000 ounces of gold. Subscribers can read more in a detailed project report.
Barrick reported first-quarter gold production of 758,000 ounces, which was at the top end of guidance, while copper production rose to 44,000 tonnes, up 10% year-over-year, on improved costs.
Barrick aims to utilize growth projects to support a 30% growth in gold equivalent ounces by the end of the decade.
The company rode high gold prices to a 59% increase in first-quarter net earnings year-over year ($474 million up from $295 million). The average realized gold price for the quarter of $2,898 per ounce was up 40% year-over-year, the company said, which supported stronger margins, despite the ongoing expansion work at Pueblo Viejo and planned maintenance at Nevada Gold Mines--"initiatives that will position both mines for a stronger output next quarter and the rest of the year." Full-year guidance for both gold (between 3.15 million and 3.5 million ounces) and copper (between 200 and 230 million tonnes) production remained unchanged.
Nevada Gold Mines (NGM) is Barrick's joint venture with Newmont Corporation (NYSE:NEM) (Greenwood Village, Colorado) that combines their mining operations, assets, reserves and personnel assets. Barrick is the sole operator.
NGM includes the operational Carlin and Cortez mines, while the company is currently constructing the Goldrush underground gold mine. Construction kicked off in early 2024, and the mine is designed to produce 500,000 ounces per year over a 16-year mine life and truck oxide ores to the Cortez mine. Subscribers can learn more about Goldrush from a detailed project report.
Industrial Info is tracking 62 active and planned projects from Barrick worldwide, totaling about US$13.65 billion of investment. Subscribers can click here for a full list of projects.
Subscribers to Industrial Info's GMI Database can click here to view reports for all of the projects discussed in this article and click here for the related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
