Barrick Gold one of Canada’s top mining companies is considering relocating its headquarters to the United States, according to CEO Mark Bristow. In a recent discussion with The Globe and Mail editorial board.
Bristow shared several reasons driving this potential decision, including better access to a more efficient market and a wider pool of investors.
A major benefit of such a move could be Barrick Gold’s eligibility for inclusion in the S&P 500 index, which would likely lead to automatic buying by numerous mutual funds and ETFs that track the index.
At this time, Newmont Corp. (TSX: NGT), based in Colorado, is the only gold mining company included in the S&P 500.
Bristow pointed out that Barrick Gold already has a strong base of U.S. investors and significant mining operations in the country, especially in Nevada. This includes large gold mines operated jointly with Newmont, far exceeding the scale of the company’s Canadian operations.
The CEO also noted that a Trump-led administration could make the process easier, given Trump’s “America First” policies. Over the years, Trump has pushed for foreign companies to move operations to the U.S. by offering incentives like lower corporate taxes and protection from tariffs.
However, moving the company’s headquarters to the U.S. would not be simple. The process involves substantial costs, complex tax issues, and time. Bristow suggested that acquiring a major U.S. company could simplify the transition, but he acknowledged the challenge of finding acquisition targets that offer good value.
This possible relocation comes during a broader trend of Canadian mining companies being bought by foreign firms over the years. Companies such as Falconbridge Ltd., Inco Inc., Alcan Inc., and Goldcorp Inc. have all been acquired by international players.
For Barrick Gold, moving its base to the U.S. would mark a significant departure from its Canadian origins. The company was founded in 1983 by Peter Munk, a Hungarian immigrant who had a strong connection to Canada. Munk, who passed away in 2018, was deeply committed to keeping Barrick tied to its Canadian roots and previously resisted efforts to relocate the headquarters.
While the potential move could bring strategic advantages to Barrick Gold, it also raises questions about the future of Canada’s mining industry and the country’s ability to keep its leading corporations in an increasingly globalized market.
Barrick Gold 4th Quarter and Full Year 2024 Results
Barrick Gold Corporation reported strong results for Q4, with gold production rising by 15% and copper output increasing by 33% compared to the previous quarter, successfully meeting its annual targets. The company also lowered its gold cost of sales by 3% and total cash costs by 5% during the quarter.
For the full year, Barrick posted a 69% jump in net earnings to $2.14 billion, along with a 51% increase in adjusted net earnings to $2.21 billion. Attributable EBITDA climbed 30% to $5.19 billion, marking the highest level in over 10 years.
Operating cash flow rose 20% year-over-year to $4.49 billion, while free cash flow more than doubled to $1.32 billion, supported by strong financial performance. The company maintained its quarterly dividend of $0.10 per share, resulting in a total annual payout of $696 million. Additionally, $498 million was returned to shareholders through share buybacks.
“Our focus remains on creating long-term value for all stakeholders,” said Mark Bristow, Barrick’s president and CEO. “These results highlight the quality of our assets, the strength of our balance sheet, and our robust growth projects, ensuring we’re well-positioned for the future.”
Operations in North America and the Africa and Middle East regions met their annual production targets. However, in Latin America and Asia Pacific, a slower-than-expected ramp-up at Pueblo Viejo caused the region to fall slightly short of its goal, despite strong performance at Veladero. Upgrades planned for Pueblo Viejo in 2025 aim to improve production, starting with a scheduled 35-day shutdown in Q1.
“In Q4, we made progress at Pueblo Viejo by improving recovery levels, even though production was affected by a slight decline in grade,” said Bristow. “Meanwhile, Veladero and Nevada Gold Mines delivered increased production, and operations at Kibali were strengthened with a more capable management team. We also completed feasibility studies for the Lumwana and Reko Diq projects and significantly expanded our reserves and resources.”
Barrick Gold increased its attributable proven and probable gold reserves by 23% before 2024 depletion, adding 17.4 million ounces. Total gold reserves now stand at 89 million ounces at a grade of 0.99 g/t, up from 77 million ounces at 1.65 g/t in 2023.
Attributable copper reserves saw an even greater boost, rising 224% year-over-year to 18 million tonnes at a grade of 0.45%, compared to 5.6 million tonnes at 0.39% in 2023. These gains reflect the completion of feasibility studies for Lumwana and Reko Diq, confirming their potential as world-class copper assets. Additionally, the fully-owned Fourmile project advanced to prefeasibility after a successful drilling program in 2024.
Looking ahead to 2025, Barrick expects gold production to range between 3.15–3.5 million ounces, excluding output from Loulo-Gounkoto, which is temporarily paused. Copper production is projected to grow from 195,000 tonnes in 2024 to between 200,000–230,000 tonnes, led by increased activity at Lumwana.
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