Barrick’s Bold Bet on Copper: A Strategic Shift to Mining Dominance

In a bold move signaling its ambition to transcend its gold-centric legacy, Barrick Gold Corporation has proposed a name change to Barrick Mining Corporation, a decision that underscores its strategic pivot toward copper—a metal increasingly vital to the renewable energy transition. The shift, which requires shareholder approval on May 6, 2025, reflects CEO Mark Bristow’s vision of transforming Barrick into a dual-metal powerhouse. But what does this mean for investors, and is copper the right bet to propel Barrick’s valuation?

The name change is more than semantics. By dropping “Gold” from its title, Barrick is rebranding itself as a diversified mining giant. The company’s stock symbol on the New York Stock Exchange will also evolve, from GOLD to B, effective May 9 if approved. This symbolic shift aligns with Barrick’s growing portfolio of copper projects, including the Reko Diq deposit in Pakistan, which holds one of the world’s largest undeveloped copper-gold reserves, and the Pueblo Viejo mine in the Dominican Republic, now undergoing expansion.

Why Copper?
Copper’s role in modern infrastructure—from electric vehicles to solar panels—is undeniable. Global demand for copper is projected to surge by up to 50% by 2030, driven by renewable energy projects and electrification. Barrick’s move to capitalize on this trend is strategically timed. The company already operates six Tier One gold mines, but its copper assets, like the Fourmile project in Nevada, could become cash engines as copper prices stabilize above $4 per pound.

However, the path to success is fraught with challenges. Barrick’s expansion into copper requires significant capital investment. The Reko Diq project, for instance, faces geopolitical hurdles due to Pakistan’s unstable regulatory environment. Meanwhile, copper’s price volatility—a result of supply chain disruptions and macroeconomic headwinds—could dampen returns.

Shareholder Considerations
Investors will scrutinize the name change’s implications at the May 6 shareholder meeting. While the rebranding itself is low-cost, the capital allocated to copper projects could divert funds from gold operations. Barrick’s gold production remains its core revenue driver, contributing over 6 million ounces annually. Skeptics might argue that diluting focus risks underperforming in either market.

On the flip side, diversification could hedge against gold’s cyclical downturns. Gold prices have fluctuated near $2,000 per ounce, but copper’s industrial demand offers a steadier, growth-oriented alternative. Barrick’s 2025 Information Circular highlights that its copper projects could add 2.5 million tonnes of copper equivalent reserves by 2030—a significant leap from its current holdings.

The Bottom Line
Barrick’s name change is a calculated gamble. If copper demand meets expectations—and projects like Reko Diq come online on schedule—the company could position itself as a leader in the energy transition metals sector. But shareholders must weigh the risks: political instability in key regions, capital allocation trade-offs, and the execution of complex mining projects.

The data paints a cautiously optimistic picture. Copper’s long-term demand trajectory is robust, with the International Energy Agency forecasting a 600% increase in copper use for EVs by 2040. Meanwhile, Barrick’s gold operations provide a stable base, and its stock—currently trading around $22 per share—remains undervalued compared to peers like Newmont Mining (NEM), which trades at a 15% premium.

In conclusion, Barrick’s pivot to copper is a strategic move with high upside potential—if executed flawlessly. The name change isn’t just about semantics; it’s a declaration of intent to dominate a $100 billion copper market. Shareholders approving the rebrand will be betting on Bristow’s vision of a mining giant unshackled from its gold-only past. The stakes are high, but for investors willing to endure the risks, the payoff could be historic.

Final Note: As Barrick’s shareholders prepare to vote, the question remains: Will the “B” symbol on the NYSE stand for a bold new era—or a risky detour? The answer lies in the copper-rich ground beneath their feet.