Barrick cuts ‘Gold’ from name as metal prices fuel profit

Canada’s gold giant Barrick (TSX: ABX; NYSE: GOLD) has officially changed its name to Barrick Mining Corporation, or Société minière Barrick in French, and reported stronger-than-expected first-quarter profit that was about 60% higher than last year’s first quarter, fuelled by record gold prices.

The name change, announced in April, received shareholder approval at the company’s annual and special meeting on Tuesday. The Toronto-based miner will switch its ticker on the New York Stock Exchange from GOLD to B as of Friday. Its shares will continue to trade under the ABX symbol on the Toronto Stock Exchange.

The move signals a strategic shift for a company that became a dominant force in gold through bold acquisitions led by founder Peter Munk. Barrick is now positioning itself for a future shaped increasingly by copper. The company has two key projects that are on track for first production in 2028. The Reko Diq copper-gold project in Pakistan, designed to produce 400,000 tonnes of copper and 500,000 oz. of gold per year is in the second stage of its development. The other project, the Lumwana Super Pit in Zambia, will double the mine’s copper production over a life estimated in more that 30 years.

Global demand for the metal is projected to climb sharply over the coming decades, with few new projects in the pipeline. Major miners are racing to diversify into copper amid forecasts of prolonged supply shortages.

Gold helps lift profits

Ironically, the name change comes as gold prices hit record highs, pushing Barrick’s net income for the first quarter to $474 million (C$653.84 million), or US27¢ per diluted share—up from $295 million, or US17¢, a year earlier. Revenue rose to $3.13 billion from $2.75 billion over the same period.

President and CEO Mark Bristow said the results underscore Barrick’s commitment to long-term, organic growth rather than relying on mergers and acquisitions.

“We’ve built a global mining company with the financial strength, technical capacity and operational depth to grow organically,” Bristow said in a release. “While others pursue shortcuts through M&A, we continue to invest in our own future—by building and not just buying.”

Gold prices soared past $3,100 per oz. in the first quarter of 2025, driven by safe-haven demand amid tariff tensions and inflation fears. The metal has jumped roughly 29% this year after a 27% gain in 2024.

Barrick’s gold production dropped almost 20% to 758,000 oz. from 940,000 oz. a year earlier. Copper output, however, rose 10% to 44,000 tonnes, reflecting the company’s growing focus on the metal.