Barrick Gold Corporation has announced plans to change its name to Barrick Mining Corporation as part of its strategic shift toward increasing copper production. The proposal follows the completion of feasibility studies for two major copper projects: the Reko Diq copper-gold project in Pakistan and the Lumwana Super Pit expansion in Zambia. Both projects are set to significantly enhance Barrick’s copper output, aligning with the company’s goal to grow production volumes organically.
The Reko Diq project, one of the world’s largest undeveloped copper-gold deposits, is expected to begin production by 2028. Phase one will produce 200,000 tonnes of copper annually, with an estimated cost of $5.5 billion. The Lumwana expansion, meanwhile, aims to double annual copper production from 120,000 tonnes to 240,000 tonnes by 2027, transforming it into a Tier One copper mine. These initiatives underscore Barrick’s commitment to diversifying its portfolio beyond gold.
Barrick Chairman John Thornton stated that the name change reflects the company’s evolving production profile and its focus on critical minerals essential for global energy transitions. The Ontario-headquartered miner also aims to boost its gold-equivalent production by 30% by 2030 through ramp-ups at Pueblo Viejo in the Dominican Republic, prefeasibility work at Fourmile in Nevada, and the restart of operations at Porgera in Papua New Guinea.
Thornton emphasized that despite rising costs and geopolitical challenges, Barrick achieved record financial performance in 2024, including a 69% increase in net earnings and a doubling of free cash flow compared to 2023. The company continues to pursue sustainable growth through exploration and resource management.
