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Barrick Mining

Barrick Gold

Based in Toronto, Barrick Gold is one of the world's largest gold miners. In 2024, the firm produced nearly 3.9 million attributable ounces of gold and about 430 million pounds of copper. At year-end 2024, Barrick had about two decades of gold reserves along with significant copper reserves. After buying Randgold in 2019 and combining its Nevada mines in a joint venture with competitor Newmont later that year, it operates mines in 19 countries in the Americas, Africa, the Middle East, and Asia. The company also has growing copper exposure. Its potential Reko Diq project in Pakistan, if developed, could double copper production by the end of the decade.

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The Malian government is reportedly moving to sell $107 million worth of seized gold from Barrick Mining's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>) Loulo-Gounkoto mine complex to fund the site's restart following a nearly six-month <a target="_blank" href="https://www.benzinga.com/markets/commodities/25/06/45969041/barricks-top-gold-mine-placed-under-state-control" rel="noreferrer noopener">suspension of operations</a>.
According to sources cited <a target="_blank" href="https://www.reuters.com/world/africa/mali-plans-sell-gold-reserves-barrick-complex-fund-operations-2025-07-08/" rel="noreferrer noopener">by</a> Reuters, court-appointed administrator Soumana Makadji plans to sell one metric ton of stored gold to cover essential expenses, including salaries, fuel, and contractor payments.
The development follows a prolonged escalation between the leading gold miner and Mali's military-led government. The conflict began after Mali implemented a new mining code in 2023, seeking <a target="_blank" href="https://www.benzinga.com/news/24/07/39732127/barrick-gold-navigates-new-mining-code-political-changes-to-secure-mali-operations" rel="noreferrer noopener">higher royalties from foreign miners</a>.
Barrick refused to adopt the changes, citing violations of existing mining conventions. In response, the government blocked gold exports in late 2024 and requested a court-appointed administrator, a move formalized last month.
"The state has not acted in good faith," Barrick CEO Mark Bristow said. "We will use every legal measure at our disposal to hold the state and the individuals involved accountable for these unlawful actions."
Loulo-Gounkoto, located in western Mali near the Senegal border, is one of Africa's largest gold operations and was among Barrick's top-performing assets, contributing 578,000 ounces in 2024 (roughly 15% of the company's annual production) before its suspension.
The site has nearly 20 million ounces in reserves, but with all-in-sustaining costs totaling about $100 million per quarter, the administrator's decision to sell the gold is unsurprising. However, the government's capability to operate such a project is debatable.
Bristow expressed skepticism, warning that such an endeavor could lead to "severe damage to the long-term prospects of the mine." Sources familiar with the matter stated that it could take at least four months to restore normal production levels and likely much longer under provisional state management due to the absence of skilled expatriate staff and the disruption of critical systems.
According to the latest update, Barrick has <a target="_blank" href="https://www.barrick.com/English/news/news-details/2025/barrick-holding-firm-through-ICSID-arbitration-amid-malian-court-ruling/default.aspx" rel="noreferrer noopener">confirmed</a> that the arbitration process with the International Centre for Settlement of Investment Disputes is now fully underway.
The company has requested provisional measures to prevent further escalation and safeguard its legal rights.
Mali's changes to the mining code have negatively contributed to the country's output. The country produced 51 metric tons of gold in 2024, representing a <a target="_blank" href="https://www.benzinga.com/news/global/25/02/43588936/malian-gold-output-falls-23-as-new-mining-law-pressures-producers" rel="noreferrer noopener">23% decline</a> from the 66.5 tons produced in 2023.
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Mali To Finance Barrick's Mine Restart By Selling Seized Gold

Chile's Congress has passed a long-awaited mining regulation reform to cut permitting times drastically. The reform is expected to boost investor confidence in the world's top copper producer and <a target="_blank" href="https://www.benzinga.com/topic/lithium" rel="noreferrer noopener">second-largest lithium supplier</a>.
The legislation, passed with 93 votes in favor, 27 against, and 17 abstentions, amends over 40 sectoral laws and now awaits President Gabriel Boric's signature to become law.
"This will allow us to substantially reduce permitting times while maintaining our regulatory rigour," Economy Minister Nicolás Grau said after the vote, according <a target="_blank" href="https://www.reuters.com/world/americas/chiles-congress-approves-law-speed-up-permitting-process-investment-projects-2025-07-01/" rel="noreferrer noopener">to</a> Reuters.
The reform is expected to reduce permitting timelines by 30% to 70%, addressing long-standing complaints from the mining and renewable energy industries that permitting delays stifle billions of dollars in investment.
Before the reform, major mining projects often waited more than a decade for approval. For example, the average permit process in Chile can last up to 12 years, one of the longest globally.
The new legislation institutionalizes a digital one-stop permitting platform, "SUPER," which allows end-to-end case tracking and service interoperability. It also establishes a new coordinating body, the Sectoral Authorizations and Investment Office, to modernize permitting procedures.
Despite the breakthrough, challenges remain. Jorge Riesco, president of Chile's National Mining Society (<a target="_blank" href="https://www.sonami.cl/v2/noticias/presidente-de-sonami-por-aprobacion-de-ley-marco-de-permisos-sectoriales-valoramos-el-esfuerzo-del-ejecutivo/" rel="noreferrer noopener">SONAMI</a>), called the reform "a step in the right direction" but stressed that "more work is needed" to modernize Chile's permitting framework fully.
When Gabriel Boric assumed the presidency in 2022, he pledged to bolster environmental protections and reverse the deregulation trends set by his predecessor, Sebastián Piñera.
A <a target="_blank" href="https://www.icij.org/investigations/pandora-papers/chile-rejects-dominga-mining-project-a-longtime-flashpoint-for-environmental-and-political-controversy/" rel="noreferrer noopener">key scandal</a> related to Piñera's sale of his stake in the controversial Dominga project—reportedly contingent on regulatory favors—had a significant impact on the public debate regarding mining oversight. Boric ran on a platform critical of unchecked extractivism, and while he opposes projects like the Dominga, his government is not anti-mining.
To balance environmental protection and growth, Boric introduced the "<a target="_blank" href="https://www.sea.gob.cl/en/noticias/presidente-de-la-republica-gabriel-boric-presenta-dos-proyectos-de-ley-para-mejorar-la" rel="noreferrer noopener">Environmental Evaluation 2.0</a>" plan—a separate but complementary reform to streamline environmental assessments. The proposal has stirred up criticism from both sides of the aisle. Industry groups argue that it gives courts too much power to delay projects, while environmental NGOs insist it caters to big economic interests.&nbsp;
Environmental issues remain a significant challenge. In 2022, BHP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) was fined $8.2 million for over-extracting water in the sensitive Atacama region, which is home to the massive Escondida copper mine.
To address this, innovation in extraction methods—especially those related to lithium—is gaining attention. Technologies like Direct Lithium Extraction are being promoted to reduce water consumption and environmental degradation.&nbsp;
According to Chile's Constituent Assembly's 2022 decision, Boric is ineligible to run for reelection in 2026. Still, the policies launched during his term will direct the development of one of the key mining countries in the ongoing commodity cycle.
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Chile Cuts Up To 70% Of Red Tape, Promises Streamlined Mining Approvals

Zijin Mining Group (OTCPK: ZIJMF), China's largest <a target="_blank" href="https://www.benzinga.com/topic/mining" rel="noreferrer noopener">gold and copper producer</a>, has announced a definitive agreement to acquire Kazakhstan's Raygorodok Gold Mine for $1.2 billion.
The deal, signed on June 29, will see Zijin acquire 100% of RG Gold LLP and RG Processing LLP, Kazakhstan-based entities that own and operate the mine, through its subsidiaries, Zijin Gold International and Jinha Mining.
The <a target="_blank" href="https://www.zijinmining.com/upload/file/2025/06/30/805e7a4506ea43a9a44b0fe0d1449583.pdf" rel="noreferrer noopener">Raygorodok Gold Mine</a> is an open-pit operation known for its considerable mine life, advanced infrastructure, and solid production fundamentals. Situated in the Burabay District of the Akmola region in northern Kazakhstan, it lies around 70 kilometers from Shjuchuchinsk and has convenient access to highways, rail, and essential utilities.
The mine currently consists of two pits—South and North Raygorodok—2 kilometers apart and is equipped with heap leach and carbon-in-pulp (CIP) cyanidation processing plants.
As of 2023, the mine hosts a total indicated and inferred resource of 241 million tons of ore grading 1.01 grams per ton of gold, containing 242.1 tons of gold metal. Its proven and probable reserves currently stand at 94.9 million tons, with an average grade of 1.06 grams per ton, totaling 100.6 tons of contained gold (3.23 million troy ounces).
The project is currently producing about 5.5 tons of gold (176,800 ounces) annually and has a remaining mine life of 16 years through 2040. In 2024, the project generated a net profit of $202 million, with a competitive site-level cash cost of $796 per ounce.
Zijin aims to optimize mining and processing operations, increasing throughput to 10 million tons per year and boosting production efficiency and returns. Furthermore, the transaction is integral to its strategic expansion efforts in Central Asia. It complements its existing portfolio in the region, which features the Jilau/Taror gold mines in Tajikistan and the Taldybulak Levoberezhny gold mine in Kyrgyzstan.
Zijin's gold output and financial performance are expected to receive an immediate boost, solidifying its position within the global mining sector. Additionally, it strengthens the <a target="_blank" href="https://www.zijinmining.com/upload/file/2025/06/30/720caeaca604432da2389c7712c390eb.pdf" rel="noreferrer noopener">impending listing of Zijin Gold International</a> in Hong Kong, positioning the spin-off as a more competitive and asset-rich entity in the global capital markets.
According to the <a target="_blank" href="https://www.zijinmining.com/news/news-detail-122104.htm" rel="noreferrer noopener">Forbes Global 2000 list</a>, in 2025, Zijin climbed to the fourth spot in the global metals and mining sector, achieving an overall ranking of 251st. It upheld its reputation as the premier gold miner globally, outpacing rivals like Newmont and Barrick.
The firm reported a net profit of $4.5 billion for 2024, representing a 52% year-over-year increase, driven by unprecedented output and effective cost-control measures. Furthermore, it accomplished its 2025 ESG carbon reduction objectives ahead of schedule, enhancing its leadership in sustainable mining practices.
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Equities

Large Cap

ZIJMF

China's Largest Gold Miner Expands In Central Asia With $1.2 Billion Acquisition

WIIM

GOLD

PAAS

Shares of precious metals stocks are trading lower as gold and silver drop amid US-China trade hopes and Israel-Iran ceasefire efforts, which have eased macro uncertainty.

Mali's Bamako Commercial Court on Monday placed the Loulo-Gounkoto gold complex, one of Barrick Mining's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>) largest assets, into state control for six months. After a <a target="_blank" href="https://www.benzinga.com/markets/commodities/25/06/45746216/third-delay-in-mali-court-battle-over-barricks-gold-complex" rel="noreferrer noopener">prolonged standoff over taxation</a>, Mali appointed former health minister Suomana Makadji as provisional administrator.
"Justice was neither heard, nor served," Issaka Keita, one of Barrick's lawyers, said after the ruling, according <a target="_blank" href="https://www.reuters.com/world/africa/mali-court-appoints-provisional-administrator-run-barrick-minings-complex-2025-06-16/" rel="noreferrer noopener">to</a> Reuters.
The Loulo-Gounkoto complex represents one of the largest mining operations in Mali and is a crucial component of Barrick's portfolio in Africa.
In 2024, it was responsible for 14% of Barrick's total gold production globally and generated $949 million in revenue during the first three quarters of that year.
Also Read: <a href="https://www.benzinga.com//node/45731042">3 Gold Alternatives Set To Soar Next</a>
Barrick has subsequently excluded its Mali forecast from the production guidance due to the persistent uncertainty. The ongoing dispute between Barrick and the military-led government of Mali has been in effect since 2023, originating from the <a target="_blank" href="https://www.benzinga.com/news/guidance/24/12/42516175/barrick-warns-about-destabilization-in-mali-could-halt-one-of-its-largest-mines" rel="noreferrer noopener">enforcement of a new mining code</a>.
The revised legislation increases state participation in mining ventures and imposes higher taxes, with Mali seeking to increase royalties from 20% to 35%. While Barrick contends that it has honored its obligations under previous agreements, the government insists that renegotiation is necessary under the new legal framework.
Tensions escalated in late 2024 when officials prohibited gold exports and confiscated three metric tons of gold from Barrick's subsidiaries. In retaliation, Barrick <a target="_blank" href="https://www.benzinga.com/news/global/25/01/42823362/barrick-gold-warns-about-production-suspension-in-mali" rel="noreferrer noopener">halted operations</a> in January.
Despite both parties engaging in negotiations, Mali's decision to appoint a provisional administrator suggests its intention to resume mining operations, albeit under its own terms.&nbsp;
Barrick has challenged the government's actions as "unjustified" and has stated its intention to appeal the court's decision. In the meantime, it is seeking international arbitration via the International Centre for Settlement of Investment Disputes.
"It requires a foundation of mutual respect, sound governance, and long-term partnership," the company said in its <a target="_blank" href="https://www.barrick.com/English/news/news-details/2025/barrick-holding-firm-through-ICSID-arbitration-amid-malian-court-ruling/default.aspx" rel="noreferrer noopener">latest statement</a>, while also condemning the detention of its employees as leverage in the negotiations.
Mali has <a target="_blank" href="https://www.benzinga.com/news/global/25/02/43588936/malian-gold-output-falls-23-as-new-mining-law-pressures-producers" rel="noreferrer noopener">struggled to maintain production levels</a> as Africa's third-largest gold producer. Gold production in 2024 fell by 23% to 51 metric tons from 66.5 metric tons in 2023.
Price Watch: Barrick closed at $21.41, dropping 0.83% for the day. The stock is up 38.4% year-to-date.
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Photo by Below the Sky via Shutterstock

Legal

Barrick's Top Gold Mine Placed Under State Control

<ul>
<li>Mines accounted for 14% of Barrick's total gold output: analysts</li>
<li>Mali has blocked gold exports, detained staff, seized stock</li>
<li>Mali allows Barrick to repatriate 20% earnings internationally, sources say</li>
</ul>
TORONTO/DAKAR, June 11 (Reuters) - Barrick Mining <a href="https://workspace.refinitiv.com/web/apps/quotewebapi?RIC=ABX.TO">ABX.TO</a> has removed its Mali gold complex from its overall output forecast for 2025, four sources told Reuters, adding to fallout from a two-year dispute over new mining legislation aimed at boosting the West African country's revenue.
Operations at the Loulo-Gounkoto gold complex, one of the Canadian miner's largest gold assets in Africa, have been <a href="reuters://REALTIME/verb=NewsStory/ric=nL8N3O9159">suspended since January</a> after the military-led government blocked gold exports by the world's third-largest miner of the precious metal, detained staff and seized three metric tons of stock during separate negotiations over a new mining contract with Barrick.
At stake for both sides is the opportunity to realize revenues worth at least $1 billion this year due to record high gold prices <a href="https://workspace.refinitiv.com/web/apps/quotewebapi?RIC=XAU=">XAU=</a>. Mali risks repelling potential investors, while Barrick shares have lagged those of its peers.
The sources spoke on condition of anonymity as they were not authorized to speak publicly.
Spokespersons for Barrick did not immediately respond to a request for comment, nor did a spokesperson for Mali's Mines Ministry.
Barrick has not made its Mali output forecast public, but Morningstar analysts had predicted Mali would contribute around 250,000 ounces in 2025.
Mali's government, a shareholder in the complex, asked a domestic court in May to appoint a provisional administrator to reopen the complex, which would effectively see Barrick lose control over the mines that accounted for 14% of its total output, according to Jefferies.
A court hearing on the matter is scheduled for Thursday.
Negotiations are ongoing in parallel with the court case. In a significant concession, Mali has agreed to allow Barrick to repatriate 20% of its earnings into an international bank account, an exception that was not made for any other foreign miners who recently renegotiated contracts with the state, two people familiar with the matter said.
However, one remaining point of contention between Barrick and Mali is that authorities would like all future disputes to be handled in domestic courts. Barrick said any new mining contract should be covered under an international treaty and, in case of future disputes, be settled through international arbitration, according to one of the people and another source familiar with the matter.
While strong gold prices have supported Barrick's global revenue, the threat of a provisional administration worries investors, one of the sources said, noting that even if the miner later regains control of the complex, it could be left with depleted gold reserves.
In December, Barrick launched international arbitration proceedings against Mali. In May, it <a href="reuters://REALTIME/verb=NewsStory/ric=nL6N3S10P5">asked</a> the World Bank's arbitration court to halt court proceedings in Bamako over provisional administration. According to two people aware of the development, the tribunal rejected that request.
The president of the arbitration tribunal for the case declined to comment.
In the first nine months of 2024, production in Mali contributed $949 million to Barrick's revenue. Jefferies, in an analyst report last December, estimated that if the Mali complex remains idle, Barrick would lose 11% of its expected 2025 earnings before interest, taxes, depreciation, and amortisation.
Mali is Africa's third-largest gold-producing country.
Malian authorities, which seized power in coups in 2020 and 2021, say their current agreement with Barrick is unfair.
The state has negotiated new agreements with other multinational miners. The chief executive of Australian miner Resolute was <a href="reuters://REALTIME/verb=NewsStory/ric=nL4N3MS0IM">detained for more than a week</a> amid negotiations last year.
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&nbsp;

'Barrick Mining Removes Mali Gold Output From Overall 2025 Production Forecast' - Reuters Exclusive

CIBC maintains Barrick Mining (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>) with a Neutral and raises the price target from $22 to $24.

Price Target

CIBC Maintains Neutral on Barrick Mining, Raises Price Target to $24

A Malian court has again postponed a hearing on whether to place Barrick Mining's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>) Loulo-Gounkoto complex under provisional administration. The decision was the third adjournment in the long dispute between the <a target="_blank" href="https://www.benzinga.com/topic/mining" rel="noreferrer noopener">Canadian mining leader</a> and the military-led government of Mali.
According <a target="_blank" href="https://www.reuters.com/world/africa/mali-court-adjourns-hearing-whether-put-barricks-gold-mines-under-provisional-2025-06-02/" rel="noreferrer noopener">to</a> Reuters, the hearing is now set for Thursday, June 5, per Judge Issa Aguibou Diallo of Bamako's Tribunal de Commerce, who announced the delay during Monday's session without citing a reason.
Following the announcement, Barrick's shares jumped 6.05% on Monday to close the day trading at $20.30. The stock is up 31.44% year-to-date, in line with a gold rally, as the yellow metal surged to nearly $3,400 per ounce.
Barrick Mining, which recently changed its name from Barrick Gold to reflect the company's diversification efforts, has been in conflict with the Malian government over changes to its mining code.
The ruling military junta sought to increase state ownership stakes and tax burdens for foreign miners, going so far as to <a target="_blank" href="https://www.benzinga.com/news/management/24/11/41876770/resolute-mining-ceo-detained-in-mali-shares-crater" rel="noreferrer noopener">detain a foreign C-level executive</a>.
The situation escalated, and the Loulo-Gounkoto complex, once one of Mali's most productive gold assets, has been idle since January after the government seized three metric tons of gold and blocked further exports. Barrick has maintained it cannot resume operations until these restrictions are lifted.
As Africa's third-largest gold producer, Mali's economy heavily relies on mining revenues. The military junta has led the country since 2021, but its prioritization of tighter control over its natural resources has had an adverse effect. Gold production <a target="_blank" href="https://www.benzinga.com/news/global/25/02/43588936/malian-gold-output-falls-23-as-new-mining-law-pressures-producers" rel="noreferrer noopener">experienced a sharp decline</a>, falling 23% to 51 metric tons in 2024, compared to 66.5 tons in 2023.
Although it has come close to a resolution multiple times, the government has failed to find common ground with Barrick, the largest foreign operator in the region. While the company has rejected the accusations, a court document reviewed by Reuters lists charges, including money laundering and financing of terrorism.
For both Mali and Barrick, the Loulo-Gounkoto complex is a critical asset. The site accounted for a significant portion of Mali's gold output and contributed to Barrick's production profile. The suspension costs the miner an estimated $1.24 billion annually in lost revenue, and it continues to spend approximately $15 million per month on-site maintenance and salaries to preserve operational readiness.
With no breakthrough in sight, Barrick has <a target="_blank" href="https://www.barrick.com/English/news/news-details/2025/future-focused-barrick-sets-sights-on-30-percent-production-growth-by-2030/default.aspx" rel="noreferrer noopener">excluded Loulo-Gounkoto from its production forecasts</a> through at least 2028.
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Third Delay In Mali Court Battle Over Barrick's Gold Complex

Shares of gold-related equities, including Barrick Mining Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>), U.S. Gold Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/USAU#NASDAQ">USAU</a>) and Newmont Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) are rallying on Monday as mounting trade tensions and geopolitical instability drive <a href="https://www.benzinga.com/crypto/25/06/45718471/michael-saylors-strategy-outperforms-apple-tesla-amazon-and-other-mag-7-stocks-and-its-not-even-close-has-the-bitcoin-treasury-bet-paid-off">investors toward safe-haven assets</a>.
What To Know: The SPDR Gold Trust ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) was up nearly 2.5% Monday afternoon as spot gold prices jumped to the highest levels in over three weeks. Spot gold climbed to $3,374.11 an ounce amid a weakening dollar and rising geopolitical and trade tensions, per Reuters.
U.S. President Donald Trump announced plans to double tariffs on steel and aluminum imports to 50% beginning June 4. The move triggered a renewed round of U.S.-China trade tensions, with Beijing vowing retaliation. This escalation, paired with Russia&#8217;s intensified military response to Ukrainian drone strikes over the weekend, pushed investors to exit risk assets and seek stability in precious metals. Spot silver was up over 4%, trading around $34.45 at last check.
The U.S. dollar index fell 0.5% to its lowest level in over a week, further supporting gold prices by making the metal more attractive to foreign buyers. As the dollar weakened and global risk sentiment deteriorated, investors appeared to rotate out of equities and into commodities in early trading Monday.
The sharp move higher in gold comes amid broader market volatility. While commodity-linked sectors outperformed, major U.S. indices struggled to gain ground as investors digested weak manufacturing data and anticipated key economic updates, including a U.S. jobs report and potential interest rate commentary from the Federal Reserve this week.
Price Action: At the time of publication Monday, Barrick Gold shares were up 5.77% at $20.26, U.S. Gold shares were up 6.61% at $12.33 and Newmont shares were up 5.25% at $55.49, according to<a href="https://pro.benzinga.com/dashboard?new_user=False&amp;backend=google-oauth2"> Benzinga Pro</a>.
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/25/06/45728618/stocks-stall-commodities-rocket-as-trade-geopolitical-tensions-resume-whats-driving-market-monday">Stocks Stall, Commodities Rocket As Trade, Geopolitical Tensions Resume: What&#8217;s Driving Market Monday?</a></li>
</ul>
Image via Shutterstock.

Movers

USAU

Investors Are Buying Gold Stocks: What's Going On With Barrick Mining, US Gold And Newmont Shares Today?

Per-ounce gold prices are up $1,000 from a year ago, and defensive-minded investors can be forgiven for balking at the yellow metal's skyrocketing price.
Metals experts cite multiple reasons why gold prices are so high right now.&nbsp;
"If you step back, it's not surprising that we've seen gold surge by $1,000 per ounce over the past year," said Rana Vig, president and CEO of Blue Lagoon Resources Inc., a Vancouver-based mineral exploration company. "It's a textbook gold rally created by a perfect storm of macroeconomic and geopolitical factors."
Vig said the economy and markets have seen persistent inflation concerns, aggressive central bank buying (especially from countries seeking to reduce U.S. dollar exposure), and ongoing global instability. "Add to that falling confidence in fiat currencies and tariff instability, and you have an environment where gold speculation can thrive."
Given gold&#8217;s rapid rise, investors who wish to use metals as a powerful hedge against volatile markets have other options.
It's worth noting that gold prices aren't necessarily out of reach for precious metals investors.
"No doubt, the easy money in this cycle may have already been made," Vig noted. "As for new investors coming in now, the upside will be harder to find without taking on more risk."
One major upside of gold is that it's not just a speculative asset or a hedge for volatility. In many parts of the world, it's a way of life. 
"In countries like India, where gold is deeply woven into the cultural and economic fabric, it's not uncommon for entire villages to pool resources and buy gold by the gram," Vig added. "Even the poorest households will save in gold, not stocks, not bonds because it's tangible, trusted, and borderless."
That level of generational trust in gold continues to anchor demand globally. "For Western investors, there's something to learn from that mindset: Gold isn't just about price, it's about preservation," Vig noted. "It's about holding something real when everything else feels uncertain."
<h2 class="wp-block-heading">Non-Physical Gold Portfolio Options</h2>
Experts say that if current per-ounce gold prices at $3,300 are too high, investors have formidable "Plan B" options in the precious metals market. These metal plays may be your best bets.
<h3 class="wp-block-heading">Silver</h3>
Silver&#8217;s price is expected to rise to $40 an ounce within the next six to twelve months, about a 20% increase from current levels.
"This is similar to the projection for gold, and silver and gold tend to move in tandem with each other," said Brett Elliott, marketing director at American Precious Metals Exchange in Urbandale, Iowa. "Silver has a constrained supply, large industrial buyers who will pay virtually any amount to get the silver they need, and growing demand from various sectors."
Additionally, silver rallies tend to follow gold rallies, and gold has been rallying frequently this year. "Just like gold, silver is highly liquid and can be bought and sold in physical form, through ETFs, or through digital silver apps where the metal is vaulted but owned by you," Elliot noted.
Another factor favoring silver is supply and demand.&nbsp;
"There's a huge silver shortage in the world due to a lack of silver mines, and the demand for silver will continue to be high due to its usage in electric vehicles, electric vertical take-off and landing vehicles, and other electrical appliances," said Sankar Sharma, investing analyst and founder of RiskRewardReturn.com, mentioning iShares Silver Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLV#NYSE">SLV</a>). "The best and easiest way to invest in silver is via the iShares Silver Trust, which is trading at an attractive $29.99 entry price as of May 30."
<h3 class="wp-block-heading">Copper</h3>
Copper is another robust metal contender for defense-oriented investors. "It's essential electrification, whether it&#8217;s electric vehicles, grid infrastructure, or renewable power," Vig said. "And while copper's global demand is expected to outpace supply over the next decade, its market price, in many ways, still hasn't caught up relative to its fundamental story."
Geography also matters with copper.
"Copper is an excellent base metal to get into as electric utility needs for third world countries are only going to increase over the next 10 to 20 years," said Robert Kientz, operations lead at Kinesis Bullion USA.
Overall, global economies are moving into an expansion cycle, which should fuel demand for copper. "If an investor has a five-year game plan, then copper stocks and miners are likely to move higher," Sharma said.&nbsp;
Sharma added that good copper stocks to consider include Freeport McMoran (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>), Southern Copper Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>), Barrick Mining Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>) and Rio Tinto Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>).
<h3 class="wp-block-heading">Zinc</h3>
Zinc is an often overlooked precious metal, but it's critical to infrastructure across the globe. "As major economies reinvest in aging roads, bridges, and transport networks, zinc demand will remain strong," Vig said. "At the same time, recent supply disruptions have tightened the market, creating an attractive setup."
He recommends starting with producers like Teck Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>), which offers zinc and copper exposure in a single play. The stock is trading at $37 per share and is down over 8% for the year, suggesting a possible "buy the dip" opportunity.
<h3 class="wp-block-heading">Gold ETFs</h3>
Suppose you're only interested in exposure or short-term trades. In that case, a gold exchange-traded fund can provide a low-cost way of expanding your portfolio and has the added bonus of near-instant liquidity.
There are some caveats, however. "If you're planning to hold gold for a few years or longer, the expense ratio on most gold ETFs is cost inefficient in the long run," Elliot said. "Physical gold often provides a better value for gold longs. You pay the premium once on physical gold, but with an ETF, you pay the expense ratio every year."
It's also ideal to conduct thorough due diligence on gold ETFs.
"Before investing in gold funds, investors must review suitable ETFs to ensure the fund's holdings are purely linked to gold," Sharma said.
<h2 class="wp-block-heading">The Takeaway On Gold And Its Long-Term Outlook</h2>
Near the mid-point of 2025, gold is edging higher for two reasons.&nbsp;
"We are in a time of geopolitical instability and inflation of the monetary supply," said Blake Mclaughlin, vice president of exploration at Axcap Ventures. "With both scenarios at play, it's no surprise that we have seen the price of gold rise consistently over the last 18 months. Also driving the surge in price are the central banks' continuous and real-time adjustments in gold allocation."
Yet despite an uptick in the price, gold comprises just a fraction of a percent of global investment holdings, noted Mclaughlin. "However, with the release of the US Federal Reserve's May meeting minutes, which flagged rising inflation and risks of recession, gold's appeal as a safe-haven asset is likely to increase and may soon make up a larger portion of investor portfolios." 
That's what precious metals with limited capacity can do to drive a portfolio upward.&nbsp;
"When it comes to gold supply, a tap cannot be turned on to increase supply &#8211; it takes years, even decades, to substantially increase it, making a demand spike like the one we are seeing carry significant impacts," Mclaughlin added.
<h2 class="wp-block-heading">Rebound Or Breakdown? Join Matt Maley Live On Wednesday, June 4</h2>
The market is flashing major warning signs—tech is cracking, small caps are diverging, and rate pressure is building fast. Volatility is rising, and a sharp move could hit any day. Join 42-year Wall Street veteran Matt Maley as he breaks down the signals he's watching, the stocks he's targeting for short-term trades, and how he's positioning for the next major move—whether the market rips higher or breaks down next. Reserve your free spot <a href="https://events2.benzinga.com/matt-maley-webinar-wed-june4-2025-registration/?utm_campaign=webinar060425&amp;utm_adType=sponsorad&amp;utm_ad=RD060225&amp;he={{email}}&amp;adt_ei={{email}}&amp;utm_medium=newsletter">HERE</a>.
Editorial content from our expert contributors is intended to be information for the general public and not individualized investment advice. Editors/contributors are presenting their individual opinions and strategies, which are neither expressly nor impliedly approved or endorsed by Benzinga.
Photo: Shutterstock

Opinion

SCCO

3 Gold Alternatives Set To Soar Next

Barrick Mining Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>)(TSX:<a class="ticker" href="https://www.benzinga.com/stock/ABX#TSX">ABX</a>) – A ruling by the President of the Bamako Commercial Tribunal following submissions made on May 22 by Barrick's Loulo and Gounkoto mines opposing the Malian government's request to place the mining complex under provisional administration, is expected on June 2.
On May 8, the government formally submitted its request to the court seeking to impose provisional administration over the site. Barrick believes there is no basis — either in law or in practice — for the day-to-day operations at Loulo-Gounkoto to be handed over to a court appointed interim administrator. The move follows a preliminary hearing on May 15 during which the mines were granted the opportunity to formally respond.
This latest escalation by the Malian government follows the continued unlawful detention of several Barrick employees — now held for over five months — and the ongoing blockage of gold exports from the complex. Despite the government's actions, including the blocking of gold exports and the seizure of stockpiled production, Barrick has maintained support for its employees and contractors. Since operations were reluctantly suspended, the company has continued to pay wages and support the operations on an ongoing monthly basis.
The attempt to interfere with Loulo-Gounkoto's operations is without precedent or lawful justification. It disregards Barrick's rights under both Malian law and binding agreements, and it is inconsistent with the principles of due process and mutual respect that should underpin partnerships between governments and long-term investors.

TSX:ABX

Barrick Mining Challenges Mali Government's Attempt to Impose Provisional Administration At Loulo-Gounkoto, Tribunal Decision Expected June 2

Last week, gold and silver prices dropped after the U.S. and China agreed to temporarily reduce most tariffs on each other&#8217;s goods. This could be driving a <a target="_blank" href="https://www.benzinga.com//node/45429569" rel="noreferrer noopener">rotation out of safe-haven assets</a>.
Most gold mining stocks were among the top ten large-cap worst performers in the last week. Are they in your portfolio?
<ol class="wp-block-list">
<li>UnitedHealth Group Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) shares dipped 23.31%  in reaction to a media report on a possible investigation <a href="https://www.benzinga.com//node/45443695" target="_blank" rel="noreferrer noopener">for criminal Medicare fraud</a>.</li>
<li>Fiserv, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FI#NYSE">FI</a>) shares were down 9.46%.</li>
<li>Alamos Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGI#NYSE">AGI</a>) shares declined 9.43%.</li>
<li>Agnico Eagle Mines (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEM#NYSE">AEM</a>) stock fell 9.27%.</li>
<li>AngloGold Ashanti PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AU#NYSE">AU</a>) stock dived 9.06%.</li>
<li>Kinross Gold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGC#NYSE">KGC</a>) stock fell 8.96%.</li>
<li>Wheaton Precious Metals Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WPM#NYSE">WPM</a>) shares decreased 8.48%</li>
<li>Gold Fields Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GFI#NYSE">GFI</a>) shares were down 8.47%.</li>
<li>Barrick Mining Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>) stock decreased 8.38%.</li>
<li>Royal Gold, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGLD#NASDAQ">RGLD</a>) stock dived 7.20%.</li>
</ol>
Image Via Shutterstock

RGLD

Gold Mining Stocks Were Among Top 10 Large-Cap Losers Last Week (May 12-May 16): Are These In Your Portfolio?

The Trump administration has officially <a href="https://in.benzinga.com/economics/macro-economic-events/25/01/43398182/trumps-25-tariffs-could-slaughter-canada-mexico-economies-hit-us-auto-industry-analysts-warn">imposed 25% tariffs</a> on all imports from Mexico and Canada. This excludes only Canadian energy, which faces a 10% tariff, along with an additional 10% tariff on Chinese goods.
Despite hopes for industry carve-outs, an administration official confirmed: &#8216;No Exclusions.&#8217; The tariffs go into effect on Tuesday and could escalate further given retaliatory measures from Canada and Mexico.
<h2 class="wp-block-heading">Constellation Brands Faces The Heaviest Blow</h2>
JPMorgan analyst Andrea Teixeira highlights that Constellation Brands Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) is the most exposed name in the sector, with approximately 85% of its consolidated sales tied to Mexican beer imports. 
Teixeira estimates that STZ could see a mid-20s% impact to EPS if no action is taken.
However, she believes the company can offset at least 40% of this hit through a mix of pricing adjustments, cost savings, and delaying the impact where possible.
Read Also: <a href="https://www.benzinga.com/news/earnings/25/01/42913319/beer-maker-constellation-brands-q3-sales-hit-by-subdued-spending-stock-slides">Beer Maker Constellation Brands&#8217; Q3 Sales Hit By Subdued Spending; Stock Slides</a>
<h2 class="wp-block-heading">Brown-Forman, Keurig Dr Pepper, and Others Brace For Headwinds</h2>
Teixeira also notes that Brown-Forman Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BF#NYSE">BF</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>) faces exposure through its tequila portfolio, though she expects the impact to be largely offset by Mexican peso depreciation. 
Additionally, Canada's newly announced 25% tariff on American whiskies could create a retaliatory risk, but with Canada representing only 1% of Brown-Forman's sales, Teixeira sees limited downside.
Read Also: <a href="https://www.benzinga.com/news/global/24/11/42220682/trump-tariffs-on-mexico-could-affect-beer-why-your-modelo-corona-could-cost-more-next-year">Trump Tariffs On Mexico Could Affect Beer: Why Your Modelo, Corona Could Cost More Next Year</a>
Keurig Dr Pepper Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KDP#NASDAQ">KDP</a>) has slight exposure through Electrolit imports from Mexico. Teixeira points out that KDP plans to shift production to Waco, Texas, by 2026, mitigating long-term risk.
Meanwhile, Coca-Cola Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>) and Molson Coors Beverage Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAP#NYSE">TAP</a>) face minor exposure through Topo Chico and Molson Canadian.
With no exemptions granted and potential escalations looming, beverage giants are forced to adapt. According to Teixeira, Constellation Brands stands to lose the most. Strategic pricing moves and operational adjustments could help mitigate the damage, analysts say.
Investors will be closely watching how these companies respond in the coming months.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/tech/25/02/43425315/openais-deep-research-promises-ai-powered-analysis-heres-what-it-can-and-cant-do">OpenAI&#8217;s &#8216;Deep Research&#8217; Promises AI-Powered Analysis — Here&#8217;s What It Can (And Can&#8217;t) Do</a></li>
</ul>
Image: Shutterstock

Analyst Color

Long Ideas

Constellation Brands 'Most Exposed Name' As Trump Tariffs Go Live: Analysts Advise Adjusting Prices

S&amp;P 500 constituent Apollo Global Management is acquiring Barnes Group in a deal expected to be completed soon pending final conditions.&nbsp;

ARWR

Arrowhead Pharmaceuticals To Replace  Barnes Group In S&P SmallCap 600, Effective Prior To Opening Of Trading On January 27

Barnes Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>) ("Barnes" or "the Company"), a global provider of highly engineered products, differentiated industrial technologies and innovative solutions, today announced that its shareholders voted to approve the Company's previously announced acquisition by funds managed by affiliates of Apollo Global Management, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) ("Apollo") (the "Apollo Funds") at the Company's Special Meeting of Shareholders (the "Special Meeting"). Under the terms of the merger agreement, subject to the completion of the transaction, Barnes stockholders will receive $47.50 per share in cash for every share of Barnes common stock they own immediately prior to the effective time of the merger.
Approximately 99% of the total shares voted at the Special Meeting were voted in favor of the transaction, which represented approximately 80% of the total outstanding shares of Barnes common stock as of December 6, 2024, the record date for the Special Meeting.

Reported Earlier, Barnes Group Shareholders Approve $47.50 Per Share Acquisition by Apollo Global Management

As <a href="https://www.benzinga.com/topic/magnificent-seven">the Magnificent Seven</a> races to dominate artificial intelligence (AI), their power demands are pushing <a href="https://www.benzinga.com/topic/natural-gas">natural gas into the spotlight</a>.
According to JPMorgan analyst Arun Jayaram, power demands could add 1.9 Bcf/d to U.S. natural gas consumption by 2028.
<h2 class="wp-block-heading">AI, Electrification Light Up The Grid</h2>
From powering data centers to meeting the electrification needs of a tech-driven economy, natural gas is becoming indispensable. 
Meta Platforms Inc's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) $10 billion data center campus in Louisiana, for example, is tied to a proposed 1.5 GW natural gas plant. Renewables are part of the mix, too. But the availability and affordability of natural gas are making it a critical piece of the energy puzzle.
Read Also: <a href="https://www.benzinga.com/news/large-cap/24/12/42305868/whats-going-on-with-magnificent-7-stocks">What&#8217;s Going On With Magnificent 7 Stocks?</a>
<h2 class="wp-block-heading">The LNG Boom: Full Speed Ahead</h2>
Liquefied natural gas (LNG) is also seeing explosive growth. U.S. LNG export capacity, now at ~14 Bcf/d, is set to hit ~22 Bcf/d by 2026 and could soar to ~26 Bcf/d by 2030. 
This bodes as good news for investors in the United States Natural Gas Fund LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNG#NYSE">UNG</a>) and the ProShares Ultra Bloomberg Natural Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>).
Key projects like Port Arthur and Rio Grande are driving this expansion. There&#8217;s even more upside possible if a Trump administration lifts permitting barriers. The global appetite for LNG, fueled by geopolitical shifts and the energy transition, ensures a robust runway for U.S. exports.
<h2 class="wp-block-heading">Mag-7's Capex Frenzy Powers The Surge</h2>
The Mag 7 are pumping unprecedented capital into AI, with more than $500 billion in capex and R&amp;D projected over the next year. This spendathon is reshaping industries, and natural gas is riding the wave.
The U.S. saw an 88% year-over-year surge in gas turbine orders, driven by soaring electricity demand. Jayaram notes this AI-fueled capex boom rivals the U.S. defense budget in scale, signaling massive systemic change but also raising concerns about overinvestment.
As AI transforms the economy, natural gas is cementing its role as a cornerstone of the energy landscape. Whether it's powering data centers, fueling LNG exports, or keeping the lights on in an electrified world, natural gas is poised to ride this tech-driven tidal wave.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/24/12/42346110/oil-vs-gas-which-is-better-positioned-for-2025-analyst-upgrades-conocophillips-downgrades-these-3-energy-stocks">JPMorgan Bets On Natural Gas For 2025: Upgrades ConocoPhillips, Lowers 3 Energy Stocks</a></li>
</ul>
Image: Shutterstock

BOIL

Mag 7's AI Boom Will Supercharge Natural Gas Sector As Power Demands Become Insatiable: Analyst

Barnes Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>) reported a third-quarter FY24 sales increase of 7% year-over-year to $388 million (organic sales: +4%), <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41540364/barnes-reports-third-quarter-2024-financial-results" rel="noreferrer noopener">beating the consensus of $380.3 million</a>.
The net impact of acquisition and divestiture-related sales contributed about 3% to revenue, while foreign exchange fluctuations added approximately 1%.
In Aerospace segment, sales surged 49% to $232 million. Original equipment manufacturing (OEM) sales rose by 38%, and aftermarket sales surged by 67%.
Aerospace OEM backlog ended the third quarter at $1.80 billion, up 19% sequentially.
In the Industrial segment, sales stood at $156 million, down 24% due to the sale of the Associated Spring and Hänggi businesses.&nbsp;
Total adjusted operating income rose 23% to $47.9 million, with adjusted operating margin increasing 150 bps to 12.3%.
Adjusted EBITDA increased 16% to $76.9 million, with an adjusted EBITDA margin of 19.8%, up 140 bps from a year ago.
Adjusted EPS of&nbsp;$0.09&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">missed the consensus of $0.39</a>.
Year-to-date, operating cash flow stood at $49.8 million and free cash flow (adjusted for the tax payments related to the divestiture) came in at $20.4 million.
Thomas J. Hook, President and Chief Executive Officer, said, &#8220;In the third quarter, despite ongoing production delays from aircraft manufacturers, our Aerospace OEM business generated extraordinarily strong orders in anticipation of a future industry re-ramp. Meanwhile, our Aerospace aftermarket business continues to deliver robust performance on strong top-line growth.&#8221;
&#8221;With the MB Aerospace integration and synergies progressing ahead of plan, we are delivering on our strategy to scale Aerospace and transform Barnes.&#8221;
This month, Barnes inked a deal to be acquired by funds managed by affiliates of&nbsp;Apollo Global Management, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) in an all-cash&nbsp;transaction <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41210983/barnes-to-go-private-in-3-6b-acquisition-deal-with-apollo" rel="noreferrer noopener">valued at around&nbsp;$3.6 billion</a>.
The agreement stipulates that Barnes shareholders will receive $47.50 per share in cash, representing a premium of about 22% over the undisturbed closing share price on June 25, 2024.
Given the pending acquisition, the company will not hold a conference call or webcast for the quarter and is also suspending its full-year 2024 financial guidance.
Price Action: B shares closed higher by 0.06% at $46.70 on Thursday.
Photo: Courtesy of Pasuwan via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/41539604" target="_blank" rel="noreferrer noopener">Ford CEO Jim Farley Says He Tries To Drive All Vehicles From Competition After Expressing Adoration For Xiaomi SU7: &#8216;Try Me,&#8217; Says Tesla Cybertruck</a></li>
</ul>

Earnings

Guidance

Barnes Group Q3 Earnings: Aerospace Sales Jump 49%, Suspends Guidance Due To Buyout By Apollo

Given the pending acquisition of Barnes by Apollo Funds, the Company will not be conducting a third quarter 2024 conference call and webcast. In addition, Barnes is suspending its financial guidance for the full year 2024.

Barnes Cancels Q3 Earnings Call And Suspends Guidance Pending Acquisition By Apollo Funds

Barnes Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>) reported quarterly earnings of $0.09 per share which missed the analyst consensus estimate of $0.39 by 76.92 percent. This is a 52.63 percent decrease over earnings of $0.19 per share from the same period last year. The company reported quarterly sales of $387.790 million which beat the analyst consensus estimate of $380.315 million by 1.97 percent. This is a 7.42 percent increase over sales of $360.988 million the same period last year.

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