Barrick Mining to repurchase up to $3-billion of shares
Barrick bets on its own undervaluation with $3 billion buyback ahead of North American spinoff.
On May 11, 2026, Barrick’s board authorized the repurchase of up to $3.0 billion of outstanding common shares. The buyback will be executed at prevailing market prices on open markets (including the NYSE) and is being implemented as the company anticipates the planned IPO of North American Barrick. Management cited strong free cash flow and solid operational execution as drivers. No other financial details accompanied the release.
The $3 billion authorization represents a significant escalation of Barrick’s existing buyback program. Previously, the company exhausted a $1.0 billion program (Feb 2025), then added $500 million in November 2025. The new $3 billion authorization is more than double the prior cumulative authorizations, signaling that management sees exceptional value in its shares. This comes just weeks after the Reko Diq project slowdown and cost‑increase warning (April 2, 2026), which had pressured the stock from ~$69 to the $55–$59 range. By announcing a large buyback while also advancing the IPO of its North American assets, Barrick projects confidence that its liquidity and cash flows remain robust enough to both fund growth and return substantial capital to shareholders. The news is more than routine: it revises upward the scale of expected shareholder returns and directly addresses the market’s post‑Reko Diq concerns. No first‑time strategic investor is involved, so it does not qualify as a game changer, but it is materially positive for the stock.
Barrick Mining Corporation is one of the world’s largest gold and copper producers. Key assets include: - Nevada Gold Mines (NGM): Joint venture (Carlin, Cortez, Turquoise Ridge); a cornerstone of North American production. - Pueblo Viejo: Large Dominican Republic mine, recently resolved community resettlement. - Fourmile: 100%‑owned high‑grade gold discovery in Nevada; updated PEA projects 600‑750 koz/yr for >25 years with low costs. Described as “one of this century’s most significant gold discoveries.” - Reko Diq: World‑class copper‑gold project in Pakistan (Phase 1 $5.6‑6.0B capex). Currently under extended internal review due to security risks. - Lumwana: Zambian copper mine undergoing $2B Super Pit expansion to double production to 240 kt/yr. - Other operations: Kibali (DRC), Loulo‑Gounkoto (Mali), North Mara & Bulyanhulu (Tanzania). The company has been divesting non‑core assets (Hemlo, Donlin, Alturas, Tongon) and plans an IPO of a new entity, North American Barrick, to house its premier North American gold assets (NGM, Pueblo Viejo, Fourmile).