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Future-Focused Barrick Sets Sights on 30% Production Growth by 2030
TORONTO, April 04, 2025 (GLOBE NEWSWIRE) -- Having laid the foundation to build the world’...
About this update from Barrick Mining Corporation
[{"type":"text","content":"Future-Focused Barrick Sets Sights on 30% Production Growth by 2030\n\n\n\n TORONTO, April 04, 2025 (GLOBE NEWSWIRE) -- Having laid the foundation to build the world’s most valued gold and copper company, Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) is now advancing its portfolio of growth projects to support a planned 30% growth in gold equivalent ounces by the end of the decade\n \n 1\n \n , says chairman John Thornton.\n \n\n In the company’s 2025 Information Circular, published today and available at\n \n www.barrick.com/agm\n \n as well as filed on SEDAR+ (\n \n www.sedarplus.ca\n \n ) and EDGAR (\n \n www.sec.gov\n \n ), Thornton said that despite a challenging operating environment, Barrick delivered on the goals it set for 2024, meeting its gold and copper production guidance and maintaining its unmatched record of reserve replacement while adding substantially to its resource base.\n \n\n “We improved our financial performance, despite higher costs, with an increase in net earnings of 69% — the highest in a decade — operating cash flow growth of 20%, and a doubling of free cash flow\n \n 2\n \n relative to 2023,” he says.\n \n\n “At the same time, we developed our portfolio to achieve sustainable production and profitable growth. We continued to ramp up Pueblo Viejo, started prefeasibility work at Fourmile, and restarted the Porgera mining operation. We completed feasibility studies for Reko Diq, one of the world’s largest undeveloped copper-gold deposits, and the Lumwana Expansion project, which will become one of the world’s largest copper mines. Both projects will support our goal to organically grow our production volumes, particularly in copper, and as such we are proposing to change our name from Barrick Gold Corporation to Barrick Mining Corporation, to reflect the company’s changing production profile.”\n \n\n Thornton noted that despite rising metal prices, mining equities have underperformed, with Barrick no exception. “We viewed our equity as undervalued and consequently repurchased $498 million of shares in 2024 and we will continue to pursue share buybacks whenever we believe our shares are trading below their intrinsic value.”\n \n\n “We have an industry-leading balance sheet, substantial liquidity and a...