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Highlights
Barrick Gold to change its name to Barrick Mining Corp.
New name better aligns with the company's focus on both gold and copper.
The company will also update its ticker symbol to B on the New York Stock Exchange.
Barrick Gold Corp. (TSX:ABX), one of the largest players in the global gold TSX Mining Stocks sector, has unveiled plans to change its name to Barrick Mining Corp. This strategic move aims to better reflect the company’s expanded focus on copper alongside its long-standing gold operations. The decision was announced as part of Barrick's continued effort to enhance its presence in the copper market, which the company sees as increasingly important in its long-term plans.
Approval Required for the Name Change
The name change will be subject to approval at Barrick's upcoming annual and special meeting of shareholders. This meeting is scheduled for May. Once approved, the company will adopt the new name, signaling a shift toward a broader mining profile, particularly in copper exploration and development.
Reflecting a New Era of Mining
Barrick's CEO, Mark Bristow, emphasized that the new name, Barrick Mining Corp., more accurately reflects the company’s current and future direction. As part of its vision, Barrick aims to be recognized as the world's most valuable mining company, with an emphasis on both gold and copper mining. The rebranding reflects the company’s desire to grow its presence in the copper sector while maintaining its strong gold portfolio.
Ticker Symbol Change on the New York Stock Exchange
Along with the name change, Barrick plans to alter its ticker symbol on the New York Stock Exchange. The company’s current ticker, GOLD, will be replaced by a simpler, more streamlined symbol, B. However, Barrick will continue to trade under the ABX ticker on the Toronto Stock Exchange.
Strategic Shift Toward Copper
The mining company’s increased focus on copper is part of a broader industry trend, as copper demand continues to rise due to its use in renewable energy technologies, including electric vehicles and solar power. Barrick aims to tap into this growing market, with the goal of positioning itself as a leader in both gold and copper mining, two of the most significant resources in global industry.
As Barrick moves forward with its rebranding effort, the company is likely to continue investing heavily in both gold and copper mining operations to ensure its long-term sustainability in the evolving global mining landscape.
