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 Barrick Hemlo mine in Ontario, Canada | |
| Formerly | Barrick Resources Corporation (1983-1985) American Barrick Resources Corporation (1985-1995) Barrick Gold Corporation (1995-2025) |
|---|---|
| Company type | Public |
| Industry | Metals andmining |
| Founded | 1983; 42 years ago (1983) |
| Founder | Peter Munk |
Key people |
|
| Products | Gold, copper |
| Revenue | US$12.922 billion (2024)[1] |
| US$4.491 billion (2024)[1] | |
| US$3.088 billion (2024)[1] | |
| Total assets | US$47.626 billion (2024)[1] |
| Total equity | US$33.256 billion (2024)[1] |
Number of employees | (26,800 employees, 27,000 contractors[2]) |
| Website | www |
Barrick Mining Corporation is a mining company that produces gold and copper. It has mining operations and projects inArgentina,Canada,Chile,Côte d'Ivoire,Democratic Republic of the Congo,Dominican Republic,Ecuador,Egypt,Mali,Pakistan,Papua New Guinea,Peru,Saudi Arabia,Senegal,Tanzania, theUnited States andZambia.[3] In 2024, it produced 3.91 million ounces of gold at all-in sustaining costs of $1,484/ounce[1] and 195,000 tonnes of copper at all-in sustaining costs of $3.45/pound.[1] As of 31 December 2024,[update] the company had proven and probable reserves of 89 million ounces of gold and 18 million tonnes of copper.[1]
Barrick had been the world's largest gold mining company untilNewmont acquiredGoldcorp in 2019.[4] Barrick expects to produce between 3.9 and 4.3 million ounces of gold and between 180 and 210 million tonnes of copper in 2024.[1]
The company has previously been known as Barrick Gold Corporation (1995-2025), American Barrick Resources Corporation (1985-1995) and Barrick Resources (1983-1985).[5]
Chief executive Mark Bristow said in 2020 that Barrick has debated moving its primary stock listing to theNew York Stock Exchange from theToronto Stock Exchange, broadening its exposure to potential investors.[6]
Barrick Gold Corporation evolved from aprivately held North American oil and gas company,[7] Barrick Resources.[8] After suffering financial losses in oil and gas,[9] founderPeter Munk (1927–2018) decided to refocus the company on gold.[10] Barrick Resources Corporation became apublicly traded company on May 2, 1983,[11] listing on theToronto Stock Exchange.[12]
In the 1980s, Barrick Gold purchased Goldstrike, which was a rapid success making Barrick one of the biggest gold mining companies globally.
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.[13] It was listed on theNew York Stock Exchange in February 1987.[14] Its name was changed to Barrick Gold Corporation in 1995.[15]
American Barrick became the third-largest gold mining company in the world when it acquiredLac Minerals in 1994, which owned mining properties in North and South America.[16] Two years later, in 1996, Arequipa Resources, owner of properties including the Pierina mine inPeru, 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 inTanzania.[17] In 2001, Barrick acquiredHomestake Mining Company for $2.3 billion in stock, then one of the oldest mining companies in the United States.[18] The purchase made Barrick the second-largest gold producer in the world.[18]
In December 2005, Barrick launched ahostile takeover bid valued at US$9.2 billion for rival Canadian gold miner Placer Dome.[19] The $10.4 billion transaction closed in December 2006.[20][21] The acquisition of Placer Dome by Barrick made Barrick the operator of theGranny Smith, Osborne,Porgera,South Deep,Bald Mountain,Cortez andGolden Sunlight mines.[22]
In February 2010, Barrick Gold announced plans to create a separate company to hold its assets in Tanzania, calledAfrican Barrick Gold.[23] Barrick Gold would retain majority ownership in the new company, after its listing on theLondon Stock Exchange (LSE).[23] African Barrick Gold was listed on the London Stock Exchange in mid-March 2010, with an IPO valuation at US$3.6 billion.[24] The shares offered on the LSE raised just more than 500 million pounds.[25] In June the company was admitted to theFTSE 100 Index.[26]
In April 2011, Barrick beat a takeover offer forEquinox Minerals byChina Minmetals.[27][28]
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”.[29]
In September 2018, Barrick Gold announced an all-stock merger withRandgold Resources in a deal valued at $6.5 billion.[30][31] Immediately following the announcement of the merger, Randgold shares rose 6% and Barrick shares rose 5.6%.[32] The deal created the world's largest gold producer with the new company listed on the Toronto Stock Exchange and New York Stock Exchange.[32] 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.[33]
In February 2019, Barrick Gold announced a hostile $19 billion bid to acquireNewmont.[34][35] 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.[36] 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.[37] 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.[38] 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.[39] A joint venture was subsequently announced in March 2019 with Barrick as the operator owning 61.5% of the business.[40]
On July 1, 2019, Barrick andNewmont launched Nevada Gold Mines.[41][42][43] The combined operation is the single largest gold mining complex in the world and employs more than 7,000 people.[44] It combined the minesGoldstrike,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.[45] The joint venture was created after Barrick gave up a takeover bid for Newmont in early 2019.[46]
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.[47] Barrick owns 61.5% of the joint venture and operates the business, while Newmont owns 38.5%.[48] 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.[49] After its first year of operation, $35 million in operating and management costs were saved.[44] Over 20 years, it is estimated that $4.7 billion of total savings will be realised.[49]
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.[50] The project when in production has the potential to be one of the top five gold-copper mines in the world.[51] 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.[50] 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.[52] The mineral deposit was discovered at the foot of an extinct volcano in the 2000s.[53] 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.[51] 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.[51] 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.[51] 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.[54]
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.[55] The agreement signed in December 2022 has the province of Baluchistan owning 10% of the project on a free carried basis,[55] 15% on a fully funded basis,[55] 25% by three state-owned enterprises,[55] and 50% by Barrick Gold.[55] Next steps to ramp-up the project include completing the updated feasibility study by the end of 2024[56] with first production of gold and copper to occur in 2028.[56]
Berkshire Hathaway disclosed that it purchased $562 million in shares of Barrick during the second quarter of 2020, immediately making it the eleventh-largest shareholder in the company.[57] The new position is 20.9 million shares, which is 1.2% of the company's outstanding stock.[58] Berkshire CEOWarren Buffett and his key business partnerCharlie Munger have a history of dismissing gold as an attractive investment, saying a fine business run by good managers with cash flows and paying dividends is more productive than the precious metal.[59] Buffett has previously said owning shares of quality companies is more valuable than owning gold itself.[60] Buffett later sold his entire stake in the company in 2021.[61]
In April 2025, Barrick Gold announced it was considering rebranding itself Barrick Mining.[62]
| Property | Country | Ownership | Mine Type | 2025 Gold Production (ounces)[1] | 2024 Gold Production (ounces)[1] | 2024 Gold Reserves (ounces)[1] |
|---|---|---|---|---|---|---|
| Veladero |  Argentina | 50% | Open Pit | 190,000 – 220,000 | 252,000 | 1.6 million |
| Hemlo |  Canada | 100% | Open Pit, Underground | 140,000 – 160,000 | 143,000 | 1.6 million |
| Tongon |  Côte d'Ivoire | 89.7% | Open Pit | 110,000 – 140,000 | 148,000 | 620,000 |
| Pueblo Viejo |  Dominican Republic | 60% | Open Pit | 370,000 – 410,000 | 352,000 | 12 million |
| Loulo-Gounkoto |  Mali | 80% | Open Pit, Underground | 578,000 | 7.3 million | |
| Kibali |  Democratic Republic of Congo | 45% | Open Pit, Underground | 310,000 – 340,000 | 309,000 | 4.6 million |
| Porgera |  Papua New Guinea | 47.5% | Open Pit, Underground | 70,000 - 95,000 | 46,000 | 1.5 million |
| North Mara |  Tanzania | 100% | Open Pit, Underground | 230,000 – 260,000 | 265,000 | 2.9 million |
| Bulyanhulu | Tanzania | 100% | Underground | 150,000 – 180,000 | 168,000 | 3.8 million |
| Nevada Gold Mines |  United States | 61.5% | Open Pit, Underground | 1.54 – 1.7 million | 1.65 million | 26.6 million |
| Property | Country | Ownership | Mine Type | 2025 Copper Production (tonnes)[1] | 2024 Copper Production (tonnes)[1] | 2024 Copper Reserves (tonnes)[1] |
|---|---|---|---|---|---|---|
| Zaldívar |  Chile | 50% | Open Pit | 40,000 – 45,000 | 40,000 | 0.75 million |
| Jabal Sayid |  Saudi Arabia | 50% | Underground | 25,000 – 35,000 | 32,000 | 0.28 million |
| Lumwana |  Zambia | 100% | Open Pit | 125,000 – 155,000 | 123,000 | 8.3 million |
| Asset | Country |
|---|---|
| Kalgoorlie Super Pit |  Australia |
| Plutonic Gold Mine | Australia |
| Cowal, New South Wales | Australia |
| Darlot-Centenary Gold Mine | Australia |
| El Indio | Chile |
| Pierina,Ancash |  Peru |
| Tulawaka | Tanzania |
| Buzwagi | Tanzania |
| Bald Mountain mine | United States |
| Round Mountain Gold Mine (50%) | United States |
| Ruby Hill | United States |
Environmental and human rights violations have taken place around a number of mining operations that are now closed or were previously operated by a different company, including violence in Papua New Guinea and Tanzania.[63][64][65] Forty people were arrested in Chile following a demonstration against the potential environmental impacts of a mining project that has not been built.[66] Executives ofAcacia Mining, which had mining operations in Tanzania and was acquired in 2019, had faced charges of bribery, conspiracy, forgery, money-laundering, tax-evasion and environmental damage.[67][68][69][70] There have also been small groups of opposition in the Dominican Republic.[71]
In 2010, Barrick Gold Corporation became the 18th company to join theVoluntary Principles on Security and Human Rights[72] which provides "guidance to extractives companies on maintaining the security of their operations in a manner that respects human rights and fundamental freedoms."[73] Admission follows an eight step process that requires approval by the Voluntary Principles plenary,[74] the main decision-making body, consisting of all active members, drawn from participating governments, companies and non-governmental organizations.[75] Barrick Gold participates in a number of corporate social responsibility programs, such as theUnited Nations Global Compact.[76] The company is a signatory to the Extractive Industries Transparency Initiative.[77] It also participates inThe Global Reporting Initiative,Business for Social Responsibility[78] and The Global Business Coalition on HIV/Aids, Tuberculosis and Malaria.[79] On September 7, 2007, Barrick was added to the Dow Jones Sustainability Index.[80] The company is a member of The International Leadership Council (ILC) of The Nature Conservancy.[81] In Papua New Guinea, the Porgera Joint Venture participated in the development of a wildlife conservation area in the Kaijende Highlands.[82]
Between 2015 and 2017, three separate incidents occurred where processing solution containing cyanide escaped the leach pad area.[83] 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.[84] In September 2016, a pipe carrying cyanide processing solution was struck by falling ice that had rolled down a slope,[85] and in March 2017, a pipe carrying a mixture of rocks came loose.[86] After the first accident in 2015, local judge Pablo Oritja of Argentina indicted nine employees, and a fine of $9.8 million was levied.[87] 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.[88] TheNational 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.[89]
A U.S. class-action lawsuit was launched in 2016 accusing the company of fraudulently inflating its market value by concealing problems atPascua Lama, a South American mine under development.[90] Development of the mine was indefinitely halted on October 31, 2013, and people who purchased shares between May 7, 2009, and November 1, 2013, were part of the class-action lawsuit.[91] Development was halted for a number of issues including cost overruns, environmental concerns and the falling price of gold that would have made the operation less economical.[91] A $140 million settlement was reached two months later with no charges of wrongdoing or liability and the company stating the claims alleged by the lead plaintiffs are unfounded.[90]
In February 2010, lawyers for Barrick Gold threatened to sue the Canadian publisherTalonbooks fordefamation if it proceeded with plans to publish the bookImperial Canada Inc.: Legal Haven of Choice for the World's Mining Industries by Alain Deneault.[92] PublisherKarl Siegler described this as "libel chill," pointing out that since the book had not yet been published, Barrick Gold could not know whether or not its contents actually constituted defamation.[93] Subsequently, Talon decided to publish the work (ISBN 9780889226357)[94] and "issued a statement saying they 'intend to show the complete manuscript to Barrick prior to the book's release, to allow Barrick the opportunity to "correct" any "falsehoods" about how they conduct their business affairs, worldwide, that they feel it may contain.'"[92]
A 2011 decision in Quebec Superior Court had ruled that Barrick Gold had to pay $143,000 to authors Alain Deneault, Delphine Abadie, William Sacher, and publisher Les Éditions Écosociété Inc to prepare their defense in a "seemingly abusive"strategic lawsuit against public participation. Despite the Québec ruling, a book "Noir Canada" documenting the relationship between Canadian mining corporations, armed conflict, and political actors in Africa was never published as part of a settlement which, according to the authors, was only made for the sole purpose of resolving the three-and-a-half-year legal battle.[95]
In March 2025, Barrick Gold was fined $114,750 for dumping liquid waste with cobalt concentrations up to 7,011% above legal limits into Hedley Creek, which flows into the Similkameen River in British Colombia. The violations occurred on 17 occasions between September 2021 and October 2023, with average concentrations of 1,155% above permitted levels.[96]
In 2011,Human Rights Watch, a New York City-based internationalnon-governmental organization that conducts research on human rights, found a pattern of abuses perpetrated by private and public law-enforcement personnel in 2009 and 2010 in thePorgera Gold Mine in Papua New Guinea.[97] Human Rights Watch says that violent insecurity is a “chronic problem” aroundPorgera due to people engaging in illegal mining and continuously raiding various areas of the mining property including the open pit, stockpile areas for rock, waste dumps, and underground tunnels.[98] Human Rights Watch said the government of Papua New Guinea has “consistently failed” to maintain law and order in the area and that responsible government regulation was the one essential component still lacking to manage the unstable social situation in the area.[97] On the same day Human Rights Watch published its report, the company said it had been working with Human Rights Watch for six months on a series of actions in response to the investigation, which included improvements to the security environment, enhanced human rights training, and grievance mechanisms.[99] A “remedy framework” called the Porgera Remedy Framework was set up as an alternative to the local judicial system to deliver compensation packages.[100] In June 2014,Amnesty International reported that local police forced evictions by way of arson from land adjacent to the mine.[101] The report said that community leaders presumed the alleged actions by the police were an effort to prevent illegal mining.[102] JournalistRichard Poplak visited the area around the mine in 2016 and reported that Papua New Guinea could be the most dangerous country in the world to be female and that law and order in the country is lacking. He reported that rumours of sexual violence in the Porgera Valley began in 2005 and by 2011 there were hundreds of allegations.[103] Several victims received compensation through a remediation program that was set up in 2012 but was later criticized as other victims who took legal action instead of participating in the remediation program received higher compensation after reportedly settling out of court for a sum that was higher than offered in the remediation program.[104]
Soon after the Human Rights Watch 2011 publication, the mine, which was owned jointly by Barrick,Zijin Mining of China, and local landowners through Mineral Resources Enga, was nationalized by the government of Papua New Guinea under Prime MinisterJames Marape when the government did not renew the mining lease, and it expired in August 2019.[105] The gold mine, which contributes about 10% of Papua New Guinea's total exports, was seen by Prime Minister James Marape as a way for the country to get a greater share of its major natural resource projects.[106] Two new deals forged in 2021 gave the Papua New Guinea government a majority stake in the operations of the Porgera gold mine and an agreement reached in 2023 renewed the special mining lease so that operations could restart that year.[107]
At the Porgera Joint Venture in Papua New Guinea, the material that remains after extracting gold from ore is processed into tailings and sent off the mining property. Critics say the tailings disposal method could release harmful materials in a way that would not be allowed under the water quality expectations of a developed country. The Porgera Joint Venture is one of three large mines that dispose of tailings in this way in the country.[108]
In February 2021, Barrick Gold announced it would sell itsLagunas Norte mine in Peru.[109] The mine is sold to Boroo Pte Ltd. for up to US$81 million.
The BBC reported in September 2012 that one person was killed and at least four more were injured at the Barrick Pierina mine in the northern Ancash region of Peru in clashes between national police and members of a neighboring community who were protesting the mine's alleged over-consumption and contamination of local water sources during a drought.[110] Villagers from the communities of Mareniyoc and San Isidro blocked an access road to the mine and entered the property by forcing open the mine gate.[111] Community members asked that the mine provide the communities with drinking water.[112] Operations at the mine resumed after two days.[111]
Through 2009 and into 2010, Barrick Gold's Cortez Hills project was the subject of litigation in Nevada, seeking to block the project.[113] Opponents appealed to theUnited States Court of Appeals for the Ninth Circuit, challenging a ruling in theUnited States District Court for the District of Nevada, which denied the bid to block the project.[114] 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 tribes' ability to exercise their religion" but ruled theU.S. Bureau of Land Management's previous environmental review of water and air pollution impacts "was inadequate under theNational Environmental Policy Act" and ordered the District Court to provide "appropriate"injunctive relief while the Bureau of Land Management conducted further study.[115] In March 2011 the Bureau of Land Management approved a subsequent study on environmental impacts, allowing the mine to operate as originally proposed.[116]
In 2008, the company negotiated an agreement with four of five regionalWestern Shoshone tribes, providing financial resources for education and wellness initiatives, including a long-term scholarship program, allocated at the Tribes' discretion.[117] A former tribal chairman of the Duck Valley Shoshone spoke of the company as "a pretty progressive entity."[118] In British Columbia the Tahltan Nation has thanked the company for encouraging local sustainable development while operating the Eskay Creek mine from 2001 to 2008.[119][120]
{{cite book}}: CS1 maint: others (link) Text ofS. Fork Band Council of W. Shoshone, et al., v. United States DOI, et al., 588 F.3d 718, 2009 U.S. App. LEXIS 26329, 40 ELR 20276, DktEntry 7149846 is available from: Findlaw Justia Nexis Uni PACER CaseMine ESCR-Net Environmental Law Reporter 
Major mining companies | |
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Methodology: Companies with annual revenues over US$25 billion | |
| International | |
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| National | |
| Other | |
