Barrick drops ‘Gold’ from name as prices for the metal fuel profit
Canada鈥檚 gold giant Barrick has to Barrick Mining Corporation, or Soci茅t茅 mini猫re Barrick in French, and reported a stronger-than-expected first-quarter profit, fuelled by record gold prices.
The shift, announced in April, received shareholder approval at the company鈥檚 annual and special meeting on May 6. The Toronto-based miner will switch its ticker on the New York Stock Exchange from GOLD to B as of May 9. Its shares will continue to trade under the ABX symbol on the Toronto Stock Exchange.
The move signals a strategic shift for a company that became a dominant force in gold through bold acquisitions led by founder Peter Munk. Barrick is now positioning itself for a future shaped increasingly by copper. The company has two key projects that are on track for first production in 2028. The Reko Diq copper-gold project in Pakistan, designed to produce 400,000 tonnes of copper and 500,000 ounces of gold per year is in the second phase of its development. The other project, the Lumwana Super Pit in Zambia, will double the mine鈥檚 copper production over a mine life estimated in more that 30 years.
Global demand for the metal is projected to climb sharply over the coming decades, with few new projects in the pipeline. Major miners are racing to diversify into copper amid forecasts of prolonged supply shortages.
Ironically, the name change comes as gold prices hit record highs, pushing Barrick鈥檚 net income to $474 million, or 27 cents US per diluted share鈥攗p from $295 million, or 17 cents US, a year earlier. Revenue rose to $3.13 billion from $2.75 billion over the same period.
President and chief executive Mark Bristow said underscore Barrick鈥檚 commitment to long-term, organic growth rather than relying on mergers and acquisitions. 鈥淲e鈥檝e built a global mining company with the financial strength, technical capacity and operational depth to grow organically,鈥 Bristow noted. 鈥淲hile others pursue shortcuts through M&A, we continue to invest in our own future鈥攂y building and not just buying.鈥
Gold prices soared past $3,100 per ounce in the first quarter of 2025, driven by safe-haven demand amid tariff tensions and inflation fears. The metal has jumped roughly 29% this year after a 27% gain in 2024.
Barrick鈥檚 gold production dropped to 758,000 ounces from 940,000 ounces a year earlier. Copper output, however, rose to 44,000 tonnes from 40,000 tonnes, reflecting the company’s growing focus on the metal.
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