The story
Founded by Peter Munk in 1983.1
History
Barrick Resources
Barrick Gold Corporation evolved from a privately held North American oil and gas company, Barrick Resources. After suffering financial losses in oil and gas, founder Peter Munk (1927–2018) decided to refocus the company on gold. Barrick Resources Corporation became a publicly traded company on May 2, 1983, listing on the Toronto Stock Exchange.
Goldstrike
In the 1980s, Barrick Gold purchased Goldstrike, which was a rapid success making Barrick one of the biggest gold mining companies globally.
American Barrick
Reflecting its identity as a North American producer, distinct from its South African competitors, the company's name was changed to American Barrick Resources in 1986. It was listed on the New York Stock Exchange in February 1987. Its name was changed to Barrick Gold Corporation in 1995.
Barrick Gold Corporation
American Barrick became the third-largest gold mining company in the world when it acquired Lac Minerals in 1994, which owned mining properties in North and South America. Two years later, in 1996, Arequipa Resources, owner of properties including the Pierina mine in Peru, accepted a takeover offer from the renamed Barrick Gold Corporation. A third acquisition followed in early 1999, when Barrick Gold acquired Sutton Resources Ltd., assuming ownership of properties in Tanzania. In 2001, Barrick acquired Homestake Mining Company for $2.3 billion in stock, then one of the oldest mining companies in the United States. The purchase made Barrick the second-largest gold producer in the world.
Placer Dome acquisition
In December 2005, Barrick launched a hostile takeover bid valued at US$9.2 billion for rival Canadian gold miner Placer Dome. The $10.4 billion transaction closed in December 2006. The acquisition of Placer Dome by Barrick made Barrick the operator of the Granny Smith, Osborne, Porgera, South Deep, Bald Mountain, Cortez and Golden Sunlight mines.
African Barrick Gold
In February 2010, Barrick Gold announced plans to create a separate company to hold its assets in Tanzania, called African Barrick Gold. Barrick Gold would retain majority ownership in the new company, after its listing on the London Stock Exchange (LSE). African Barrick Gold was listed on the London Stock Exchange in mid-March 2010, with an IPO valuation at US$3.6 billion. The shares offered on the LSE raised just more than 500 million pounds. In June the company was admitted to the FTSE 100 Index.
Equinox Minerals
In April 2011, Barrick beat a takeover offer for Equinox Minerals by China Minmetals.
Shandong Gold
In 2018, John L. Thornton orchestrated a strategic “trust-based relationship” between Barrick Gold and Shandong Gold Group, a Chinese state-owned enterprise, establishing joint ownership of the Veladero mine to capitalize on Shandong's investor base, capital suppliers, political connections, and regional influence. In the press release announcing the partnership, Thornton said that Barrick and Shandong were looking forward to “sharing...capital in ways that will create added value for our respective owners, and our government and community partners in San Juan province”.
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Randgold Resources
In September 2018, Barrick Gold announced an all-stock merger with Randgold Resources in a deal valued at $6.5 billion. Immediately following the announcement of the merger, Randgold shares rose 6% and Barrick shares rose 5.6%. The deal created the world's largest gold producer with the new company listed on the Toronto Stock Exchange and New York Stock Exchange. The companies began talking about a combination in 2015 and the deal was orchestrated by Barrick Executive Chairman John L. Thornton and Randgold Founder and CEO Mark Bristow, who became CEO of the merged company.
Newmont
In February 2019, Barrick Gold announced a hostile $19 billion bid to acquire Newmont. It was estimated that a merger could create $7 billion of value in operational synergies and would result in a 14% rise in Newmont's net asset value per share. The deal would have created a gold mining company with a market value of about $42 billion that some said would be a long-overdue restructuring of the global gold industry. Merging gold companies could make the industry more attractive to general investors as gold reserves are shrinking across the globe so fewer competitors could boost growth prospects. Newmont rejected the takeover offer and instead suggested the two companies' operations in Nevada, USA, be merged with Newmont CEO Gary Goldberg insisting that the joint venture be operated by Newmont with the two companies dividing the ownership equally. A joint venture was subsequently announced in March 2019 with Barrick as the operator owning 61.5% of the business.
Nevada Gold Mines
On July 1, 2019, Barrick and Newmont launched Nevada Gold Mines. The combined operation is the single largest gold mining complex in the world and employs more than 7,000 people. It combined the mines Goldstrike, Cortez, Turquoise Ridge, and Goldrush from Barrick and Newmont's Carlin, Twin Creeks, Phoenix, Long Canyon sites, plus the associated processing plants and infrastructure of both companies. The joint venture was created after Barrick gave up a takeover bid for Newmont in early 2019.
Nevada Gold Mines in total comprises 10 underground and 12 opencast mines, two autoclave facilities, two roasting facilities, four oxide mills, a flotation plant and five heap leach facilities. Barrick owns 61.5% of the joint venture and operates the business, while Newmont owns 38.5%. It was estimated that $500 million could be saved by creating the joint venture in average annual synergies during the first five years of operating the joint venture. After its first year of operation, $35 million in operating and management costs were saved. Over 20 years, it is estimated that $4.7 billion of total savings will be realised.
Reko Diq Project
Pakistan plans to grant Barrick a mining lease, exploration license and surface rights to restart the Reko Diq copper-gold project, it was announced in March 2022. The project when in production has the potential to be one of the top five gold-copper mines in the world. It has the potential to produce 250,000 ounces of gold and 200,000 tons of copper every year for more than half a century and could be in production by 2027. It was estimated that the project site contains up to 42 million ounces of gold and 54 billion pounds of copper in a study done in 2010. The mineral deposit was discovered at the foot of an extinct volcano in the 2000s. Work on the project was stopped in 2011 when a mining license to develop the Reko Diq mine was refused to be granted by Pakistani authorities. Ownership of the mine is to be split evenly between Pakistan and Barrick, which are investing about $10 billion in the project, which is the single largest investment in the country. About 8,000 jobs are expected to be created and about $1 billion will be invested in a new mining technical school along with hospital, schools and roads in the province of Balochistan, which is poor and sparsely populated. Construction of the mine will take place in two phases beginning with a processing plant with the capacity of 40 million tonnes per year and doubling five years after being commissioned.
The federal government of Pakistan and provincial government of Balochistan have called the agreement with Barrick Gold to develop the Reko Diq copper-gold project the largest investment pact they have ever made. The agreement signed in December 2022 has the province of Baluchistan owning 10% of the project on a free carried basis, 15% on a fully funded basis, 25% by three state-owned enterprises, and 50% by Barrick Gold. Next steps to ramp-up the project include completing the updated feasibility study by the end of 2024 with first production of gold and copper to occur in 2028.
Corporate Strategy and Name Change (2025)
In May 2025, Barrick Gold Corporation officially changed its name to Barrick Mining Corporation (French: Société minière Barrick), following shareholder approval at its Annual and Special Meeting on May 6, 2025. The rebranding reflects Barrick’s evolution from a gold-focused company to a diversified mining enterprise with a growing copper portfolio. The company stated that its vision is to become “the world’s most valued gold and copper exploration, development and mining company.”
The name change took effect on May 9, 2025, when Barrick’s common shares began trading under the new name on the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX). The NYSE ticker symbol was changed from GOLD to B, while the TSX symbol ABX remained unchanged. A new CUSIP number (06849F108) was also assigned.
This strategic rebranding aligns with Barrick’s broader business model, which now includes significant copper operations alongside its six Tier One gold mines. Key projects supporting this dual-commodity approach include the Pueblo Viejo expansion, the Fourmile gold project in Nevada, and the Reko Diq copper-gold project in Pakistan. Barrick views copper as critical for the global energy transition, complementing gold’s role as a store of value.
Leadership and Governance Changes (2025)
In September 2025, Barrick Mining Corporation announced a major leadership transition following the sudden departure of President and Chief Executive Officer Mark Bristow, who had led the company since its merger with Randgold Resources in 2019. Bristow’s tenure was marked by the successful integration of Randgold, significant portfolio optimization, and a reduction of net debt by ~$4 billion.
The Board appointed Mark Hill, a veteran executive with nearly 20 years at Barrick, as Group Chief Operating Officer and Interim President & CEO while initiating a global search for a permanent successor. Hill previously oversaw Barrick’s Latin America and Asia-Pacific operations and played a key role in strategic projects such as the Fourmile gold discovery in Nevada.
In November 2025, Barrick announced significant governance changes at the Board level. Ben van Beurden, former CEO of Shell and Lead Independent Director since August, resigned after seven months on the Board. Loreto Silva, a Non-Executive Director and former Chilean Minister of Public Works, was appointed as the new Lead Independent Director.
The leadership overhaul also extended to senior management amid pressure from activist investor Elliott Investment Management. Barrick reorganized its operating structure and announced executive departures, including Kevin Thomson (Head of Corporate Development), Christine Keener (COO for North America), and Kevin Annett (CFO for North America). Their roles were filled by George Joannou, Tim Cribb, and Wessel Hamman, respectively.
Initial Public Offering Evaluation (2025)
On December 1, 2025, Barrick announced that its board had authorized management to evaluate an initial public offering (IPO) of a new subsidiary to hold its premier North American gold assets. The proposed entity, referred to as “NewCo,” would include Barrick’s interests in Nevada Gold Mines (a joint venture with Newmont Corporation), the Pueblo Viejo mine in the Dominican Republic, and its wholly owned Fourmile discovery in Nevada. Barrick stated that only a minority stake would be offered, while it would retain a controlling interest.
The move comes amid record gold prices and investor pressure to unlock value by separating assets in stable jurisdictions from those in higher-risk regions such as Africa and Pakistan. Analysts estimate the North American assets could be worth between US$56 billion and US$62 billion, producing over 2 million ounces annually. Barrick shares rose about 4.6% following the announcement, contributing to a year-to-date gain of more than 160% amid a strong gold rally. The company expects to provide an update on the IPO evaluation in February 2026, alongside its full-year results.
Activist Investor Pressure (2025)
In late 2025, Barrick Mining Corporation came under significant pressure from activist investor Elliott Management Corporation, which disclosed a stake estimated at between US$700 million and US$1 billion, placing it among Barrick’s ten largest shareholders. Elliott, known for its aggressive campaigns in the mining sector, began advocating for a major corporate restructuring to unlock value, including a potential split of Barrick into two separate publicly traded entities: one focused on its lower-risk North American assets and another holding operations in Africa, Asia, and other higher-risk jurisdictions.
Mali Mining Code Dispute (2023-2025)
In November 2025, Barrick Mining Corporation resolved a two-year dispute with the Government of Mali over the Loulo-Gounkoto gold mine, one of Africa’s largest gold operations. The conflict began in 2023 when Mali introduced a revised mining code that increased royalty rates, raised taxes, and expanded state participation in mining projects. Barrick initially resisted adopting the new code, prompting the Malian government to seize gold shipments, impose a provisional administration on the mine, and detain four Barrick employees.
Under the settlement, Barrick agreed to pay approximately 244 billion CFA francs (US$430 million), including 144 billion CFA francs within six days of signing and additional amounts through VAT-credit offsets. In return, Mali dropped all charges against Barrick and its affiliates, released the detained employees, and restored operational control of Loulo-Gounkoto to the company. Barrick also withdrew its arbitration case at the International Centre for Settlement of Investment Disputes (ICSID) and agreed to operate under Mali’s 2023 mining code.
The Loulo-Gounkoto complex, which produced 723,000 ounces of gold in 2024, is 80% owned by Barrick and 20% by the Malian state. Analysts estimate the mine could generate up to US$1.5 billion in operating cash flow annually once production resumes, though full ramp-up may take six to twelve months. The resolution highlights growing Resource nationalism in West Africa, where governments seek greater revenue from mining amid record-high Gold prices.
Environment (2015-2017)
Between 2015 and 2017, three separate incidents occurred where processing solution containing cyanide escaped the leach pad area. In September 2015, 1,072m3 of cyanide processing solution was released from a faulty valve on a pipe going to the heap leach pad and was not diverted to the tailings storage facility because of a malfunctioning gate. In September 2016, a pipe carrying cyanide processing solution was struck by falling ice that had rolled down a slope, and in March 2017, a pipe carrying a mixture of rocks came loose. After the first accident in 2015, local judge Pablo Oritja of Argentina indicted nine employees, and a fine of $9.8 million was levied. Authorities in San Juan province responded with plans to re-engineer some operational and environmental processes at the mine, which were audited by local and international experts. The National Observer obtained court documents with allegations from a former employee that his employment was terminated soon after concerns were raised about health and safety and environmental practices in 2014.
Cortez Hills (2009-2010)
Through 2009 and into 2010, Barrick Gold's Cortez Hills project was the subject of litigation in Nevada, seeking to block the project. Opponents appealed to the United States Court of Appeals for the Ninth Circuit, challenging a ruling in the United States District Court for the District of Nevada, which denied the bid to block the project. The Appeals Court "upheld a federal judge's finding that opponents of the mine failed to prove they were likely to prevail on claims the mine would cause visual harm to Mount Tenabo and create a substantial burden on the tribe's ability to exercise their religion" but ruled the U.S. Bureau of Land Management's previous environmental review of water and air pollution impacts "was inadequate under the National Environmental Policy Act" and ordered the District Court to provide "appropriate" injunctive relief while the Bureau of Land Management conducted further study. In March 2011 the Bureau of Land Management approved a subsequent study on environmental impacts, allowing the mine to operate as originally proposed.
From Wikipedia’s article on Barrick Mining, shared under CC BY-SA 4.0.7