Barrick Mining (NYSE:B) said it is working to rebuild its operating credibility through improved safety, consistent guidance delivery, project execution and a planned North American initial public offering, according to remarks from management at a company event.
Management said the company had identified four priorities following a management change a year ago: safety, operational delivery, growth and the North American IPO. The company said its safety performance had improved from what it characterized as one of the weakest records in the industry, with fatalities addressed and severe accidents reduced significantly. However, management cautioned that rebuilding a safety culture will take time.
North American IPO remains targeted for year-end
The company said its North American IPO remains on track for the end of the year, though administrative formalities could move the timing into January. Management said there would not be a significant delay.
Under the planned structure, management said it will lead the North American IPO business, while Seb Bock, CEO of Rest of World for Barrick Mining, will lead the company’s operations outside North America. The company said the two operating teams are largely independent already. Board composition remains under discussion and will be determined by Barrick’s current board, management said.
Management also reaffirmed its existing multiyear growth guidance, saying the company is seeking to avoid the past practice of resetting its outlook annually.
Nevada growth strategy centers on processing capacity
Tim Cribb, Barrick’s COO for North America, said the company is pursuing work intended to return Nevada Gold Mines, or NGM, to a production rate of 3 million ounces or more annually. Barrick owns 61.5% of the NGM joint venture, which includes the Carlin, Cortez and Turquoise Ridge Tier One districts, as well as Phoenix.
Cribb said Fourmile has recently been brought into the Cortez structure, allowing Barrick to assess additional processing alternatives. The company continues to evaluate rail transportation of Cortez ore to Carlin processing facilities, a move that could address over-the-road transport restrictions and reduce operating costs.
At the same time, Barrick has begun work on an option for additional processing capacity at Cortez, potentially including a roaster similar to the facility at Carlin. Cribb said direct processing at Cortez could lower operating costs, add production and support output above 3 million ounces annually.
- Barrick said Cortez could become a 1 million-ounce annual producer on a 100% basis for more than a decade.
- The company is targeting the KB and Crow areas between Goldrush and Fourmile, where it said drilling results have benefited from geological knowledge gained at Fourmile.
- Carlin could sustain production above 1 million ounces annually for at least another decade, according to Cribb.
- Barrick is studying additional material-handling capacity at Greater Leeville, including an extra shaft or decline.
Cribb said Barrick expects modest near-term growth from increased open-pit ore and the continuing Goldrush ramp-up. Beyond 2030, the company expects additional processing capacity to create a path to production above 3 million ounces annually.
Outside Nevada, management said Pueblo Viejo in the Dominican Republic has seen improved throughput and recovery as the company stabilizes its expansion project and resettlement program. Barrick said tailings-storage issues have been stabilized, while work on flotation cells with joint-venture partners remains longer dated. The company also said Lumwana’s expansion is on track and on budget.
Rest-of-world portfolio emphasizes copper and existing assets
Bock said Barrick’s rest-of-world business spans nine countries and two commodities, holds more than half of the group’s reserves and contains all of its copper operations. He said the business has met or exceeded production guidance for seven consecutive years and is on track to do so again this year.
Bock highlighted Kibali, Veladero, Loulo-Gounkoto and Lumwana as key assets. He said Loulo-Gounkoto has restored operational control after a dispute with the government led to a suspension last year. Barrick renewed the operation’s license for another 10 years and is ahead of its original ramp-up schedule, Bock said. The company also recently renewed North Mara’s license for 15 years.
At Lumwana, Bock said the Super Pit expansion is expected to more than double annual copper production from 117,000 tons before expansion to 240,000 tons annually, while extending mine life to 30 years. The project remains on time and on budget, with mill installation expected to begin at the end of the year and first copper targeted by the end of the first quarter of 2028.
Bock said Barrick is advancing a pre-feasibility study for a potential Kibali expansion following the ARK discovery, evaluating low-capital debottlenecking at its Tanzanian Twiga complex, and assessing regional opportunities around Veladero. He described these brownfield projects as the company’s lowest-cost and lowest-risk growth options.
For the Reko Diq copper-gold project, Barrick said it is reviewing the development plan, phasing and funding, and requires suitable operating conditions before committing capital at scale. Management earlier said it had slowed the project while revisiting its EPCM strategy and seeking security improvements before moving into a full construction schedule.
About Barrick Mining (NYSE:B)
Barrick Mining Corporation, formerly known as Barrick Gold Corporation, is a global mining company focused primarily on the exploration, development and production of gold and copper. Its activities include operating mines, advancing development projects and managing mineral reserves across multiple jurisdictions.
The company’s gold operations include Nevada Gold Mines in the United States, a joint venture in which Barrick is the operator, as well as mines and projects in Canada, the Dominican Republic, Mali, Côte d’Ivoire, Tanzania and the Democratic Republic of the Congo.
