Barrick Mining Corp.

Barrick Mining Corp. is a senior gold and copper producer headquartered in Toronto, Canada, operating primarily in USA and Africa. The company's portfolio consists of 23 projects, comprising 14 operating mines, 1 development, 4 exploration, 2 expansion, 1 suspended, and 1 reclamation project, in addition to several early-stage exploration prospects. Key assets include Carlin, Cortez, Pueblo Viejo, Lumwana, and Reko Diq. The business model centers on operating a portfolio of high-margin, long-life assets managed through 10-year rolling business plans. The operational approach leverages a flat management structure and a strong ownership culture to drive efficiencies and self-funded growth. Processing capabilities are diverse, encompassing roasters, autoclaves, and heap leach facilities, allowing for the treatment of various ore types. A key competitive advantage is the partnership strategy with host countries, which emphasizes local hiring and the transformation of natural resources into mutual benefits. The enterprise also focuses on technological innovation and maintains a diversified portfolio to manage risk. A commitment to organic growth is supported by global exploration programs designed to generate a continuous stream of new business opportunities. The organization prioritizes deploying industry-leading assets and investing in a new-generation workforce to sustain its operational excellence.

Strategic focus centers on disciplined, long-term value creation by growing free cash flow per share and organically replacing reserve depletion. The company's growth is self-funded, avoiding shareholder dilution and excessive debt, supported by a strong balance sheet. Capital allocation is rigorously managed, with investments in development projects expected to increase production by 30% by the end of the decade. A key element of the financial strategy includes a share buyback program, utilized when management believes the share price is undervalued. The enterprise also maintains a clear dividend policy linked to its net cash balance. Exploration programs are designed to deliver a steady stream of new business opportunities, balancing near-mine enhancements with greenfield discoveries. The overarching goal is to build the world's most valued company by owning premier assets managed by top-tier talent to deliver superior returns to all stakeholders.

Executive leadership is headed by President and CEO Mark Bristow, who previously built Randgold Resources and is credited with restructuring the company and orchestrating the formation of a major joint venture. The board consists of 11 directors, with 9 classified as independent. Governance is structured through 3 standing committees: Compensation, ESG & Nominating, and Audit & Risk, with recent appointments of new female chairs for 2 of these committees. The board conducts rigorous self-assessments to identify and fill any defined gaps. The management philosophy is built on a flat, decentralized structure that fosters a strong ownership culture and accountability. A key initiative is the Barrick Academy, established to develop the skills of emerging leaders and ensure a pipeline of talent to manage future operations. This approach combines deep operational expertise with a commitment to developing a new generation of leadership from within the organization.

The sustainability strategy is integrated into the business plan, with performance directly linked to executive remuneration, accounting for 20% of long-term and 25% of short-term incentives. A key governance tool is the Sustainability Scorecard, which benchmarks performance against peers. Environmental initiatives include a commitment to a net-zero emissions roadmap, achieving an 85% water reuse and recycling rate, and launching an industry-first Biodiversity Residual Impact Assessment. In 2024, the company surpassed its concurrent rehabilitation target by 13%. Social commitments are demonstrated by a workforce comprising 97% host-country nationals and the establishment of Community Development Committees at all sites to guide local investment. Workplace safety is driven by the 'Journey to Zero' program, which resulted in a 47% reduction in the Lost Time Injury Frequency Rate and a 20% reduction in the Total Recordable Injury Rate in 2024. The company also reported a 51% reduction in its Malaria Incident Rate.

The current corporate structure was significantly shaped by the 2019 merger with Randgold Resources, which established a new strategic direction. A major structural arrangement is the Nevada Gold Mines joint venture, formed in 2019 with Newmont, in which the company holds a 61.5% interest and serves as the operator to unlock operational synergies. The company also holds a 50% interest in the Reko Diq project, partnered with Pakistani state-owned enterprises. Another key partnership is the Porgera joint venture, where the company holds a 24.5% interest alongside Zijin Mining Group and Papua New Guinea stakeholders. The company also participates in a 50/50 joint venture for the Donlin project. Following the merger, the organization assumed operational control of Acacia Mining. An ongoing sale process for the Tongon asset reflects the company's strategy of portfolio optimization. The company also maintains a joint venture with Ma'aden for exploration and development.