Barrick Gold Proposes Name Change, Targets 30% Production Growth By 2030

Barrick Gold Corporation GOLD, the world's second-largest gold producer, might change its name. Management proposed rebranding as Barrick Mining Corporation to reflect its broader mining focus.

They also laid out an ambitious plan to grow their gold equivalent production by 30% by the end of this decade.

"We are proposing to change our name from Barrick Gold Corporation to Barrick Mining Corporation to reflect the company's changing production profile," the company said in a press release.

CEO Mark Bristow has long supported diversifying the company's portfolio with copper, and his desire has started to materialize just as the orange metal became one of the principal commodities for the green technology push.

Notable projects include the Reko Diq copper-gold project in Pakistan and the Lumwana Expansion in Zambia, which is on track to become one of the largest copper mines globally. Bristow is convinced that copper is crucial for future growth and long-term value for shareholders.

Reflecting on the performance, Chairman John Thornton highlighted solid achievements, even in challenging market conditions.

"We've seen an improvement in our financial results, with net earnings soaring by 69% — the highest in a decade," he stated in the company's 2025 Information Circular. "Operating cash flow increased by 20%, and free cash flow has doubled compared to 2023," he highlighted.

Thornton outlined a path to sustainable growth by developing projects organically and achieving operational excellence. Alongside Reko Diq and Lumwana, Barrick is ramping up operations at Pueblo Viejo, moving forward with prefeasibility work at Fourmile, and has restarted activities at Porgera. These efforts are expected to enhance the company's production and profitability well into the next decade.

Despite optimistic metal prices, mining stocks have lagged, and Barrick is no exception. Spot gold price is up about 15% year-to-date, while Barrick gained 10.64%.

"We see our equity as undervalued and repurchased $498 million in shares in 2024. We plan to continue buybacks whenever shares are trading below their intrinsic value," Thornton noted, pointing to the firm's industry-leading balance sheet, strong liquidity, and portfolio of Tier 1 assets as principal advantages that can deliver the touted 30% growth.

To strengthen management, Barrick also announced the nomination of two new directors: former Shell CEO Ben van Beurden and Metso President Pekka Vauramo. These appointments will enhance the board's global mining and energy expertise.

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