Barrick Mining rated Buy on gold demand, asset spin-off, and copper growth strategy.

Barrick Mining is rated a Buy due to strong structural demand for gold, potential value unlock from spinning off its North American assets via an IPO, and a strategic focus on growing copper to 40% of EBITDA by 2030. The IPO of its North American assets (NewCo) could lead to a higher valuation if it achieves a premium multiple. However, legal disputes with Newmont over their Nevada Gold Mines joint venture pose risks to the IPO and overall company valuation. The company aims to benefit from trends in energy transition and AI infrastructure through its copper growth strategy.