(Ecofin Agency) - Barrick Gold Corporation produced 3.9 million ounces of gold and 195,000 tonnes of copper in 2024. The world’s second-largest gold producer plans to double its copper output by 2031. The Canadian also considers rebranding to Barrick Mining Corporation to reflect this strategic shift.

Barrick disclosed its plans to rebrand on April 4, 2025, signaling its ambition to expand into copper while maintaining its leadership in gold. Africa, which already contributes 34% of Barrick’s gold production, is expected to play a bigger role in this transition.

Two years ago, Barrick unveiled a strategy to double its copper production by 2031, targeting an annual output of £1 billion or 450,000 tonnes. The Lumwana mine in Zambia will drive this growth with a $2 billion investment to produce 240,000 tonnes of copper annually.

Additionally, the Reko Diq mine in Pakistan is set to begin production in 2029. Barrick holds a 50% stake in the project and expects it to produce 200,000 tonnes of copper concentrate and 250,000 ounces of gold annually. The company plans an initial $5.5 billion investment for Reko Diq, followed by $3.5 billion to double production.

Chairman John Thornton highlighted the importance of this shift in his annual letter to shareholders: “The Company will soon be a major copper producer: Reko Diq is one of the largest undeveloped copper-gold deposits, while Lumwana will become one of the world’smajor copper mines. We therefore propose to you to change our name from Barrick Gold Corporation to Barrick Mining Corporation, which you will see in the accompanying meeting materials.”

Barrick’s African ambitions currently focus on Zambia but may extend to the Democratic Republic of Congo (DRC). CEO Mark Bristow has hinted at leveraging Barrick’s success with the Kibali gold mine—the largest in the DRC—to explore new copper opportunities.

As the DRC seeks partners to reduce Chinese influence in its mining sector, Barrick could secure valuable projects there. Copper’s critical role in the global energy transition drives Barrick’s strategy. Demand for copper is expected to rise by up to 70% by 2050, according to BHP. However, no concrete progress has been made yet, and developing new projects could take years.

This article was initially published in French by Emiliano Tossou

Edited in English by Ange Jason Quenum