BARRICK Gold Corp. has proposed dropping “gold” from its name as it expands its copper mining operations, according to a report by Bloomberg News.“We are proposing to change our name from Barrick Gold Corporation to Barrick Mining Corporation, to reflect the company’s changing production profile,” the Canadian company said in a press release on Friday.CEO Mark Bristow has talked for years about his desire to grow the company’s copper operations, said the newswire.Toronto-based Barrick is advancing work on a giant copper-gold project in Pakistan, called Reko Diq, and is expanding another major copper project in Zambia, Lumwana, which it says will become one of the world’s largest copper mines.The price of copper cratered last week as US President Donald Trump’s administration imposed reciprocal tariffs on all trading partners. The metal was heading for its worst rout since the financial crisis before recovering.Metals are “under significant pressure from dampened sentiment as the world braces for a possible recession and heightened geopolitical tensions that would threaten demand,” Sabrin Chowdhury, head of commodities at BMI, a Fitch Solutions unit, told Bloomberg News in a separate article.“The strong likelihood of a severe downturn in metals demand in a full blown trade war will keep metal prices under pressure for the coming weeks.”Gold also weakened as investors sold their positions to recover from heavy losses elswewhere. “We are seeing profit taking to cover significant losses in equity markets and probably due to margin calls,” Vasu Menon, MD of investment strategy at Oversea-Chinese Banking Corp told Bloomberg News. The metal remains 15% stronger this year, however.The post Barrick proposes name change to reflect push into copper appeared first on Miningmx.
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