Barrick Mining's Key Projects Advance: Will Execution Fuel the Future?

Barrick Mining Corporation B is executing its slate of high-return growth projects, underscoring a disciplined strategy that could reshape its production profile over the next decade.  Its major gold and copper growth projects are advancing, laying the groundwork for the next generation of profitable production.

The Goldrush mine is ramping up to the targeted 400,000 ounces of production per annum by 2028. Bordering Goldrush is the 100% Barrick-owned Fourmile, which is yielding grades double those of Goldrush and is anticipated to become another Tier One mine. The project has progressed to a pre-feasibility study, following a successful drilling program. 

Also, the Reko Diq copper-gold project in Pakistan is designed to produce 460,000 tons of copper and 520,000 ounces of gold annually in its second development phase, with the first production expected by the end of 2028. The Super Pit expansion at its Lumwana copper mine in Zambia is another strategic driver that entails doubling the present process circuit's throughput and substantially boosting mining volumes. Upon completion, the $2 billion project has the potential to transform Lumwana into a long-term, high-yielding, top-25 copper producer and Tier One copper mine.

These assets are poised to deliver significant, low-cost production growth, enhancing Barrick’s diversification and free cash flow profile should it execute these on schedule and within budget. With successful execution, Barrick will emerge with a more diversified production profile as copper would contribute more meaningfully to its revenue mix.

Among its major peers, Newmont Corporation NEM continues to invest in growth projects in a calculated manner. Newmont is pursuing several projects, including Tanami Expansion 2 in Australia, the Ahafo North expansion in Ghana and Cadia Panel Caves in Australia. These projects should expand production capacity and extend mine life, driving Newmont’s revenues and profits.

Agnico Eagle Mines Limited AEM is making steady progress with its key value drivers and pipeline projects, including the Odyssey project in the Canadian Malartic Complex, Detour Lake, Hope Bay, Upper Beaver and San Nicolas. Agnico Eagle’s Hope Bay project, with proven and probable mineral reserves of 3.4 million ounces, is expected to play a significant role in generating cash flow in the coming years. At Canadian Malartic, Agnico Eagle is advancing the transition to underground mining with the construction of the Odyssey mine and executing other opportunities to beef up annual production.

B’s Price Performance, Valuation & Estimates

Barrick’s shares have surged 35.1% year to date against the Zacks Mining – Gold industry’s rise of 54.4%, courtesy of the gold price rally.

From a valuation standpoint, B is currently trading at a forward 12-month earnings multiple of 10.51, a roughly 24.8% discount when stacked up with the industry average of 13.97X. It carries a Value Score of A.

The Zacks Consensus Estimate for B’s 2025 and 2026 earnings implies a year-over-year rise of 43.7% and 13.7%, respectively. The EPS estimates for 2025 and 2026 have been trending higher over the past 60 days.

B stock currently carries a Zacks Rank #3 (Hold). 

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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