For Barrick Gold Corp., one of the world’s top bullion producers, the precious metal’s blistering rally to record prices is looking like a great opportunity to raise some cash as the company looks to pivot harder into copper mining.
First, the company announced on Tuesday that it’s exiting an Alaskan mining project by selling its 50% stake to billionaire John Paulson and Novagold Resources Inc. for US$1 billion. Meanwhile, Barrick has also signalled more deals on the horizon as it seeks buyers for mines in Africa and North America.
The strategy follows a time-tested playbook that runs its course when prices of the precious metal surge: Sell smaller, aging gold mines at a time when they’re likely to fetch much better prices than normal. Barrick’s stake in the Alaska project sold for well above Toronto-Dominion Bank’s $600 million valuation for the investment. Newmont Corp., the world’s largest gold producer, generated $4.3 billion on asset sales earlier this year — blowing past its initial projections of about $2 billion as bullion prices climbed.
For the rest of this article: https://www.bnnbloomberg.ca/business/2025/04/23/barrick-is-cashing-in-on-golds-record-rally-with-asset-sales/