CopperThin moat

Barrick Mining (B) — moat facet

Copper revenue rose 73% in 2025 on the price; the tonnes, not the dollars, will say whether the pivot is real.

Copper is the smaller line and the one Barrick is betting its future on. Copper sales were $1,475 million in 2025, from $855 million in 2024 1, 8.7% of revenue 2. The company dropped "Gold" from its name in 2025 partly because of it.

Copper sales ($m)$1,002m2015$466m2016$393m2019$962m2021$795m2023$1,475m2025Barrick financial statements FY2015-FY2025, revenue notes
A decade down and back, and 2025's jump was mostly the price.

What is sold is copper concentrate, to smelters and traders, priced off the copper market with provisional adjustments until the final price is set 3. The mines are Lumwana in Zambia, and 50% stakes in Zaldívar in Chile and Jabal Sayid in Saudi Arabia 4.

The history is a decline and a return. Copper sales were $1,224 million in 2014 and $1,002 million in 2015 5; the $501 million of copper cathode sales in 2015 disappeared in 2016, when copper sales fell to $466 million 6. They were $608 million in 2017 7, $512 million in 2018 and $393 million in 2019 8, then $697 million in 2020 and $962 million in 2021 9, $868 million in 2022 and $795 million in 2023 10.

Copper costs more to produce relative to its price than Barrick's gold does: in the June 2026 quarter copper all-in sustaining cost was $3.95 a pound against a realized price of $6.15, and C1 cash cost $2.47 11; a year earlier the AISC was $2.90 12. Copper production was 56,000 tonnes in the quarter and 105,000 in the first half 13.

The line is growing mainly on price. The market copper price was $6.05 a pound in the June 2026 quarter against $4.32 a year earlier, while copper sold was flat at 54,000 tonnes 14. For 2026 Barrick guides to 190,000 to 220,000 tonnes, 130,000 to 150,000 of them from Lumwana 15. Growth in volume depends on the Lumwana expansion and Reko Diq in Pakistan, both covered under The Future Bets.

The measure that would change the verdict is copper tonnes sold, not copper revenue. Revenue rose 73% in 2025; if tonnes are still near 200,000 a year after 2028, when Lumwana's expansion is meant to be producing, the copper pivot will have been a price story like gold.

The number that tests this moat
Reported
Copper sold, first half
99kt in H1 2026, from 105kt, at a realized $5.99/lb

Tonnes still near 200kt a year after 2028 would make the copper pivot a price story.

Source: Barrick Q2 2026 MD&A ↗
References
  1. ReportedCopper sales were $1,475 million in 2025, from $855 million in 2024 , 8.7% of revenue .
    Barrick year-end 2025 consolidated financial statements (40-F exhibit 99.3), revenue note - gold sales $15,147M (spot $14,438M, concentrate $674M), copper sales $1,475M, other $334M; 2024 comparatives — FY2024-FY2025 · publ. February 2026 · source ↗
  2. Moat Explorer calcCopper sales were $1,475 million in 2025, from $855 million in 2024 , 8.7% of revenue .
    Moat Explorer calculation from Barrick's financial statements and Q2 2026 MD&A: shares of revenue, growth rates, margin per ounce — FY2015 to Q2 2026 · publ. 2026-09-23 · source ↗
  3. ReportedWhat is sold is copper concentrate, to smelters and traders, priced off the copper market with provisional adjustments until the final price is set .
    Barrick year-end 2025 consolidated financial statements (40-F exhibit 99.3), revenue note - gold sales $15,147M (spot $14,438M, concentrate $674M), copper sales $1,475M, other $334M; 2024 comparatives — FY2024-FY2025 · publ. February 2026 · source ↗
  4. ReportedThe mines are Lumwana in Zambia, and 50% stakes in Zaldívar in Chile and Jabal Sayid in Saudi Arabia .
    Barrick second quarter 2026 MD&A (Form 6-K exhibit 99.2) - realized prices, costs, production and 2026 guidance by metal and operation — Q2 2026 · publ. 11 August 2026 · source ↗
  5. ReportedCopper sales were $1,224 million in 2014 and $1,002 million in 2015 ; the $501 million of copper cathode sales in 2015 disappeared in 2016, when copper sales fell to $466 million .
    Barrick year-end 2015 financial statements, revenue note - gold bullion, copper and other sales for 2015 and 2014 — FY2014-FY2015 · publ. March 2016 · source ↗
  6. ReportedCopper sales were $1,224 million in 2014 and $1,002 million in 2015 ; the $501 million of copper cathode sales in 2015 disappeared in 2016, when copper sales fell to $466 million .
    Barrick year-end 2016 financial statements, revenue note - copper cathode and concentrate sales for 2016 and 2015 — FY2015-FY2016 · publ. March 2017 · source ↗
  7. ReportedThey were $608 million in 2017 , $512 million in 2018 and $393 million in 2019 , then $697 million in 2020 and $962 million in 2021 , $868 million in 2022 and $795 million in 2023 .
    Barrick year-end 2017 financial statements, revenue note - gold bullion, copper and other sales for 2017 and 2016 — FY2016-FY2017 · publ. March 2018 · source ↗
  8. ReportedThey were $608 million in 2017 , $512 million in 2018 and $393 million in 2019 , then $697 million in 2020 and $962 million in 2021 , $868 million in 2022 and $795 million in 2023 .
    Barrick year-end 2019 financial statements, revenue note - gold, copper and other sales for 2019 and 2018 — FY2018-FY2019 · publ. March 2020 · source ↗
  9. ReportedThey were $608 million in 2017 , $512 million in 2018 and $393 million in 2019 , then $697 million in 2020 and $962 million in 2021 , $868 million in 2022 and $795 million in 2023 .
    Barrick year-end 2021 financial statements, revenue note - gold, copper and other sales for 2021 and 2020 — FY2020-FY2021 · publ. March 2022 · source ↗
  10. ReportedThey were $608 million in 2017 , $512 million in 2018 and $393 million in 2019 , then $697 million in 2020 and $962 million in 2021 , $868 million in 2022 and $795 million in 2023 .
    Barrick year-end 2023 financial statements, revenue note - gold, copper and other sales for 2023 and 2022 — FY2022-FY2023 · publ. March 2024 · source ↗
  11. ReportedCopper costs more to produce relative to its price than Barrick's gold does: in the June 2026 quarter copper all-in sustaining cost was $3.95 a pound against a realized price of $6.15, and C1 cash cost $2.47 ; a year earlier the AISC was $2.90 .
    Barrick second quarter 2026 MD&A (Form 6-K exhibit 99.2) - realized prices, costs, production and 2026 guidance by metal and operation — Q2 2026 · publ. 11 August 2026 · source ↗
  12. ReportedCopper costs more to produce relative to its price than Barrick's gold does: in the June 2026 quarter copper all-in sustaining cost was $3.95 a pound against a realized price of $6.15, and C1 cash cost $2.47 ; a year earlier the AISC was $2.90 .
    Barrick second quarter 2026 MD&A (Form 6-K exhibit 99.2) - realized prices, costs, production and 2026 guidance by metal and operation — Q2 2026 · publ. 11 August 2026 · source ↗
  13. ReportedCopper production was 56,000 tonnes in the quarter and 105,000 in the first half .
    Barrick second quarter 2026 MD&A (Form 6-K exhibit 99.2) - realized prices, costs, production and 2026 guidance by metal and operation — Q2 2026 · publ. 11 August 2026 · source ↗
  14. ReportedThe market copper price was $6.05 a pound in the June 2026 quarter against $4.32 a year earlier, while copper sold was flat at 54,000 tonnes .
    Barrick second quarter 2026 MD&A (Form 6-K exhibit 99.2) - realized prices, costs, production and 2026 guidance by metal and operation — Q2 2026 · publ. 11 August 2026 · source ↗
  15. ReportedFor 2026 Barrick guides to 190,000 to 220,000 tonnes, 130,000 to 150,000 of them from Lumwana .
    Barrick second quarter 2026 MD&A (Form 6-K exhibit 99.2) - realized prices, costs, production and 2026 guidance by metal and operation — Q2 2026 · publ. 11 August 2026 · source ↗
Sources
Generated September 23, 2026