It’s a bit ironic: The world’s third-largest gold producer removes the word gold from its company name and will now be called Barrick Mining (WKN 870450), but at the same time reports a profit for the first three months of 2025 that is stronger than expected – due to the gold price rally.

However, Barrick had already announced this change in April and had it approved by its shareholders at the beginning of the month. The Canadian company will continue to trade on the Toronto Stock Exchange under the symbol ABX, but will change its trading symbol on the NYSE from GOLD to B…

With the name change, Barrick wants to highlight its new strategic direction, as the group is now positioning itself for a future in which it expects copper to play an increasingly important role. Specifically, the group is already developing two large key projects that are set to start production in 2028. Numerous analysts believe that demand for the red metal will increase significantly in the coming decades, while at the same time only a few new projects are in development.

Gold Price Drives Quarterly Profit Higher

However, the fact that Barrick’s net profit rises significantly in the first quarter of 2025 is still due to gold and its record run. The Canadians reported a net profit of $474 million or 27 cents per share. In the same period of the previous year, it was $295 million or 17 US cents per share. Revenue increased year-on-year from $2.75 billion to $3.13 billion. CEO Mark Bristow emphasizes that these results are due to the company’s focus on long-term, organic growth and not through mergers and acquisitions.

Barrick is now the third-largest gold producer in the world. In the first quarter of this year, the company produced 758,000 ounces, down from 940,000 ounces. In contrast, copper output increased from 40,000 to 44,000 tonnes, which once again underscores the group’s new direction.