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TORONTO - Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX), a major player in the gold and copper mining industry with a market capitalization of $32.8 billion, announced today its intention to change its name to Barrick Mining Corporation, pending shareholder approval at the Annual and Special Meeting of Shareholders on May 6, 2025. The rebranding aligns with the company’s evolving focus on both gold and copper mining operations. According to InvestingPro analysis, the company currently trades below its Fair Value, suggesting potential upside for investors.
In addition to the name change, the company plans to alter its New York Stock Exchange ticker symbol from ’GOLD’ to ’B’, effective from the start of trading on May 9, 2025. However, its Toronto Stock Exchange ticker will remain ’ABX’. A new CUSIP number, 06849F108, will also be assigned to the company’s common shares on the same date. The company maintains strong financial health with a current ratio of 2.89 and has consistently paid dividends for 39 consecutive years.
President and chief executive Mark Bristow outlined the company’s strategic vision, emphasizing its commitment to growth in gold and copper production. Bristow highlighted ongoing projects, including the expansion of Pueblo Viejo, the Fourmile gold project in Nevada, and the Reko Diq project, which boasts a significant mix of copper and gold, as evidence of the company’s direction and potential.
The upcoming name change is detailed in the company’s 2025 Information Circular, which is publicly available on the Barrick website as well as filed on SEDAR+ and EDGAR. This announcement is based on a press release statement from Barrick Gold Corporation.
In other recent news, Barrick Gold has announced plans to sell its last Canadian mine, aiming to capitalize on high gold prices. The company is also withdrawing from the Donlin Gold Project in Alaska, planning to sell its 50% stake to John Paulson and NovaGold Resources, potentially fetching up to $1.1 billion. Additionally, Barrick Gold has scheduled its annual and special shareholder meeting for April 2025, where discussions on the company’s operations and future will take place. Meanwhile, Citi has raised Barrick Gold’s stock price target to $21, maintaining a Neutral rating, with expectations of first-quarter 2025 earnings aligning with consensus estimates. Raymond James also increased its price target to $23.50, retaining an Outperform rating, citing Barrick’s strong cash flow from high-quality assets. Jefferies analysts maintained a Buy rating and a $26 price target, highlighting the company’s potential for cost reduction and value in its copper business. The firm noted that Barrick Gold’s copper segment could stabilize costs and enhance free cash flow. These developments reflect Barrick Gold’s strategic maneuvers and analyst confidence in its financial health and operational success.
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