Barrick Mining's Attractive Long-Term Investment Potential in a Rising Commodity Era

In an era where commodity demand is surging due to the global energy transition, Barrick Mining (NYSE: B) stands out as a compelling long-term investment. Recent analyst upgrades, a strategic pivot toward copper, and undervalued growth prospects collectively position the company to capitalize on structural tailwinds.

Strategic Analyst Upgrades Signal Growing Confidence

Wall Street analysts have increasingly recognized Barrick's transformation. On September 19, 2025, UBS analyst Myles Walton raised Barrick's price target from $26.00 to $35.00-a 34.62% increase-while maintaining a "Buy" rating, according to the MarketBeat forecast. This followed CIBC's August 12 upgrade, which elevated the stock to "Outperform" from "Neutral," per MarketBeat. Despite a prior downgrade by DA Davidson in October 2024, MarketBeat's consensus among 15 analysts now favors a "Moderate Buy," with an average 12-month price target of $24.85. While this figure appears modest, it underestimates the potential of Barrick's long-term projects, which could drive value far beyond current expectations.

A Strategic Shift to Copper and Internal Growth

Barrick's rebranding from "Barrick Gold" to "Barrick Mining Corporation" underscores its pivot to copper, a critical metal for the energy transition, per a DiscoveryAlert article. The company has divested legacy gold assets, including its final Canadian gold mine in September 2025, as reported by DiscoveryAlert, to focus on higher-margin copper projects. This shift aligns with a broader industry trend: copper demand is projected to rise from 25 million tonnes in 2024 to over 36 million tonnes by 2031, driven by electric vehicles, renewable energy, and grid modernization, according to a DiscoveryAlert analysis. Barrick's strategy of internal growth-rather than acquisitions-positions it to benefit from this surge. For instance, the Lumwana Expansion in Zambia will double annual copper production to 240,000 tonnes by 2030, according to a Mining Weekly report, while the Reko Diq project in Pakistan, with $5.6 billion in Phase 1 capital costs, could yield 3.9 billion tonnes of copper over its lifetime, per Mining Weekly.

Undervaluation and Financial Resilience

Barrick's valuation metrics suggest it is undervalued relative to peers. As of September 2025, the company trades at a forward P/E of 12.34 and an EV/EBITDA of 9.27, significantly lower than Franco-Nevada's P/E of 50.23 and Royal Gold's EV/EBITDA of 30.44, according to MarketBeat. This discount reflects market skepticism about gold's long-term role, despite Barrick's growing copper exposure. Meanwhile, the company's financials are robust: net earnings rose 69% in 2024, and free cash flow doubled year-over-year, according to a MarketScreener filing. With $5.6 billion in liquidity and a strong balance sheet, per MarketScreener, Barrick is well-positioned to fund its ambitious growth projects without overleveraging.

Copper's Role in the Energy Transition: A Tailwind for Barrick

The energy transition is creating a structural imbalance in copper supply and demand. By 2030, demand from EVs, solar, and wind could account for nearly half of the total increase in copper consumption, per DiscoveryAlert's analysis. Barrick's focus on copper aligns perfectly with this trend. For example, the Pueblo Viejo expansion in the Dominican Republic and the Reko Diq project are designed to meet the rising demand for copper in electrification, according to DiscoveryAlert. Moreover, Barrick's emphasis on sustainable practices-such as electrifying mining fleets-resonates with ESG-focused investors, as noted by DiscoveryAlert.

Risks and Mitigants

While Barrick's prospects are strong, risks remain. High capital expenditures for projects like Reko Diq could strain short-term liquidity, and geopolitical tensions in regions like Pakistan may delay timelines. However, the company's disciplined approach to capital allocation-prioritizing projects with long-life, high-margin assets-mitigates these risks, per DiscoveryAlert. Additionally, Barrick's diversified portfolio, including gold from Porgera and gold-equivalent production targets, provides a buffer against copper price volatility, as noted in a ScrapMonster article.

Conclusion: A Strategic Bet on Commodity Supercycle

Barrick Mining's strategic realignment, analyst upgrades, and undervalued growth prospects make it a standout in the mining sector. As the energy transition accelerates, its copper-centric projects are poised to deliver outsized returns. For investors seeking exposure to a commodity supercycle, Barrick offers a compelling combination of near-term stability and long-term growth.