Barrick Gold (TSX:ABX) is rebranding to Barrick Mining Corporation by May 9. The TSX gold stock has entered 2025 with momentum, leveraging its first quarter (Q1 2025) earnings results to underscore a strategic evolution from a gold-focused miner to a diversified leader in both gold and copper. The company’s name change, a symbolic shift to reflect its dual commodity focus, signals its ambition to capitalize on the global energy transition while maintaining its gold foundation. With copper demand surging and gold prices printing new all-time highs, Barrick stock’s five-year trajectory is one of disciplined growth, operational excellence, and a cash flow resilience that could generate respectable investment returns.
Barrick stock: A strong start to 2025 as execution meets strategy
Barrick’s Q1 2025 results highlight its ability to deliver on near-term goals while advancing long-term projects. Net earnings rose 59% year-over-year as quarterly gold production reached the top end of management’s guidance, and costs per ounce declined with volume as gold output reached 758,000 ounces. Copper output also climbed year-over-year to 44,000 tonnes, a critical metric as the company pivots toward this valuable metal. Free cash flow growth supports share repurchases and quarterly dividends that reaffirm Barrick’s commitment to shareholder returns.
These respectable operating results reflect deliberate investments in high-margin, Tier One assets like Nevada Gold Mines, where operational upgrades have driven open-pit costs to a three-year low. Meanwhile, the $1 billion sale of its 50% stake in Donlin Gold exemplifies Barrick’s strategy to prune non-core assets and funnel capital into projects with clearer paths to value creation over the next five years, such as the Fourmile gold project in Nevada and the Reko Diq copper-gold venture in Pakistan.
Copper: The “future-proof” growth catalyst
Barrick’s rebranding to Barrick Mining Corporation is rooted in its copper strategy. CEO Mark Bristow has positioned copper as central to the company’s future, calling it “the metal of the energy transition.” By 2030, Barrick aims to grow gold-equivalent production by 30%, with copper contributing meaningfully to this target.
The Reko Diq project in Pakistan, a joint venture with the government, epitomizes this vision. With 26 billion pounds of copper and 13 million ounces of gold in reserves, Reko Diq is on track for first production by late 2028. Similarly, the Lumwana Super Pit expansion in Zambia, set to double annual copper output to 480 million pounds by 2029, will solidify Barrick’s position among the top global copper producers by 2030.
These projects are about volume growth as much as they’re about operating margins. Barrick’s copper cash costs of US$2.20 per pound in Q1 2025 reflect its focus on cost discipline, even as copper prices rise amid projected supply deficits.
Gold to remain a core strength as Barrick renews growth potential
While copper gains prominence, gold remains Barrick stock’s bedrock. The Pueblo Viejo expansion in the Dominican Republic, nearing completion, is pivotal. The new El Naranjo tailings facility could unlock the full potential of 800,000 ounces Pueblo Viejo annual gold production by 2026, while the Fourmile project in Nevada has advanced to prefeasibility, with drilling revealing superb ore grades.
Sustained exploration continues to replenish the TSX mining stock’s reserves, and this proactive approach has already paid off: Barrick replaced 100% of its mined gold and copper reserves in 2024, a rarity in the industry.
Leadership enhancements and financial resilience
Barrick’s board renewal underscores its adaptive governance. The additions of Ben van Beurden and Pekka Vauramo this month bring energy transition and operational expertise, aligning with the company’s copper ambitions.
Financially, Barrick’s US$4.1 billion cash reserve and minimal debt repayment burden until 2032 provide flexibility to fund Reko Diq and Lumwana without equity dilution. This financial strength allows aggressive capital returns, including dividends and share repurchases that enhance ABX stock’s value over the next five years.
Barrick stock: The road to 2029
In five years, Barrick’s annual gold production could be higher, approaching five million ounces as copper production surges to over a billion pounds annually. Its mining portfolio, anchored in Tier One assets and bolstered by exploration, will incur lower costs and command higher margins. Geopolitically, partnerships in Pakistan, Zambia, and the DRC will mitigate emerging market risks.
For long-term oriented investors, Barrick stock offers a dual play: gold’s stability amid macroeconomic uncertainty and copper’s structural demand growth. The company’s name change is more than symbolic — it’s a potential roadmap. By 2029, Barrick will be synonymous not just with gold, but with the metals powering a greener future and robust investment returns.
