Barrick signals deal push amid strategic reset

Barrick Mining (TSX: ABX; NYSE: B) is pivoting back to acquisitions and retreating from higher-risk regions, reversing a decade-long strategy that emphasized expansion across Africa and Asia.

Chairman John Thornton outlined the shift in a letter to shareholders Wednesday, marking his first public comments since the company replaced Mark Bristow as CEO in September and unveiled plans to spin off its Nevada joint venture with Newmont (TSX: NGT; NYSE: NEM) in a separate listing.

“For many years, we have viewed our shares as undervalued,” Thornton said. “North American Barrick will be the most attractive pure gold company in the world, located in the most attractive jurisdiction, with the strongest proven growth pipeline.”

The Toronto-based miner, the world’s third-largest gold producer, is preparing to list the new vehicle by the end of this year to hold the JV known as Nevada Gold Mines, as well as the nearby Fourmile discovery and the Pueblo Viejo gold mine in Dominican Republic.

The restructuring follows operational setbacks and a broader management shakeup, including the appointment of Mark Hill as CEO earlier this year after Bristow’s abrupt departure.

Falling output

The strategic pivot comes after a prolonged production decline, with output falling 17% in 2025 to 3.26 million oz., the lowest in at least 25 years. Barrick’s challenges have included geopolitical risks, and the shift reflects a pullback from more challenging regions.

A dispute with military rulers in Mali closed the Loulo-Gounkoto complex for most of last year rocked Bristow’s stewardship. Also, delays and rising costs at the then $8-billion (C$11.1-billion) capex Reko Diq in Pakistan continue to weigh on the company.

A renewed focus on mergers and acquisitions would mark a change from Bristow, who in interviews often criticized expensive deals over developing pipeline assets. He had led Barrick since its 2019 merger with Randgold Resources, the Africa-focused company he built up from its founding in 1995. At Barrick, he negotiated deals to restart the Porgera mine in Papua New Guinea and address community issues at mines in Tanzania.

Copper interest

Bristow also saw rising copper demand and the natural overlap between gold and copper deposits, giving major miners scope to produce both metals from the same districts, as Barrick has pursued at Reko Diq. Likewise, the company reportedly explored a potential acquisition of copper producer First Quantum Minerals (TSX: FM) in 2023 and in 2024, though talks didn’t result in a transaction.

Thornton said future deals would prioritize tier one assets — long-life, low-cost operations that can anchor the company’s production profile.

The repositioning underscores a broader recalibration among major miners, many of which are reassessing geopolitical exposure and capital allocation after years of pursuing growth in higher-risk jurisdictions.

Shares in Barrick Mining fell 0.4% at mid-Thursday in Toronto to C$58.68, valuing the company at C$101 billion ($73.1 billion). They’ve traded in a 52-week range of C$58.10 to C$74.