Barrick is one of the world's largest gold miners, with a growing copper business. Barrick mines gold and copper, refines or processes them, and sells at prevailing market prices — gold to bullion dealers and refiners, copper as concentrate or cathode to smelters and traders. Because both metals are commodities, Barrick is a pure price-taker, and profitability is driven by the gold and copper market price and how efficiently Barrick mines. Barrick operates a globally diversified portfolio of mines, with Nevada (via the Nevada Gold Mines JV with Newmont, 61.5% owned) as the single largest source, contributing roughly half of gold production through the Carlin, Cortez, Turquoise Ridge, and Phoenix properties. Key mines outside Nevada include Pueblo Viejo (Dominican Republic), Kibali (DRC), Loulo-Gounkoto (Mali), North Mara and Bulyanhulu (Tanzania), and the Lumwana copper mine (Zambia). Barrick's stated strategy prioritizes organic growth in large, long-life assets — what Barrick calls "Tier 1" mines — rather than M&A. Key growth projects include the Pueblo Viejo plant expansion targeting 800K+ attributable oz/year, the Lumwana Super Pit copper expansion expected to roughly double output around 2028, the Reko Diq copper-gold development in Pakistan (though facing a security-driven review as of early 2026), and the Goldrush and Fourmile projects in Nevada. Barrick generally does not hedge gold, maintaining full spot price exposure.