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Morningstar

Morningstar

Apr 15, 2026

Barrick Mining Corporation: Gold Miners: Our Coverage Is Expensive Despite Raising Our Near-Term Gold Price Assumptions Again

Symbols

B

Sector(s)

Basic Materials

Rating

Current Price

38.82

Fair Value

Economic Moat

Stewardship

Summary

Based in Toronto, Barrick is one of the world's largest gold miners. In 2025, the firm sold about 3.3 million attributable ounces of gold and about 220,000 metric tons of copper. At end-2025, Barrick had about two decades of gold reserves along with significant copper reserves. After buying Randgold in 2019 and combining its Nevada mines in a joint venture with competitor Newmont later that year, it operates mines in the Americas, Africa, the Middle East, and Asia. The company also has growing copper exposure, driven by the expansion of its Lumwana mine in Zambia and the development o

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