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    Barrick strategic reset and deal push: portfolio implications for mine planners

    April 9, 2026|

    Reviewed by Tom Sullivan

    Barrick strategic reset and deal push: portfolio implications for mine planners

    First reported on MINING.com

    30 Second Briefing

    Barrick Mining is pivoting back to acquisitions and retreating from higher‑risk regions after 2025 gold output fell 17% to 3.26 million ounces, its lowest level in at least 25 years, and after the seizure of a key Mali mine and rising costs at the Reko Diq copper project in Pakistan. Chairman John Thornton said Barrick will prioritise “tier one” long-life, low-cost assets and plans to list a new vehicle by end‑2026 holding its Nevada joint venture, the Fourmile discovery and the Pueblo Viejo mine.

    Technical Brief

    • New listed vehicle will bundle the Nevada JV, Fourmile discovery and Pueblo Viejo by end‑2026.
    • Nevada joint venture structure and governance will be central, given the ongoing Newmont–Barrick rift.
    • Fourmile is being positioned as a growth discovery, likely feeding into the Nevada complex development pipeline.
    • Pueblo Viejo in Dominican Republic anchors the spin‑off with a large, established open‑pit gold operation.
    • Barrick’s last completed major corporate transaction was the 2019 merger with Randgold Resources.
    • Two separate approaches to acquire First Quantum Minerals in 2023 and 2024 were explored but abandoned.
    • Reko Diq copper project in Pakistan now faces rising capital costs and security‑driven schedule risk, curbing expansion plans.

    Our Take

    The planned 17% output drop to 3.26Moz by 2025, combined with the proposed North American spin-out of Nevada Gold Mines and Pueblo Viejo flagged in our February 2026 coverage, suggests Barrick is deliberately trading near-term production scale for portfolio optionality and re-rating potential on core copper-gold growth assets.

    Repeated schedule and capex pressure at the Reko Diq copper-gold project in Pakistan, highlighted in our March–April 2026 items, makes the parallel interest in a US lithium miner and USA Rare Earth–Carester chain strategically significant, as it diversifies Barrick’s growth pipeline away from a single high-risk jurisdiction in Asia.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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