Barrick Mining Corporation (B) Shifts Focus to Copper with Hemlo Gold Mine Sale

Barrick Mining Corporation (NYSE:B) is one of the top copper stocks to buy, according to hedge funds. On July 15, reports indicated that the company is in advanced talks to sell its last Canadian gold mine, the Hemlo mine, to Discovery Silver Corp.

Barrick Mining Corporation (B) Shifts Focus to Copper with Hemlo Gold Mine SaleGold Corporation (USA) (NYSE:ABX)

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The sale comes as the company seeks to capitalize on rising gold prices amid a significant shift in strategy in the precious metals sector. Barrick Gold’s offloading of the Hemlo mine also underscores a broader portfolio optimization approach that focuses on divesting non-core assets when valuations are favorable.

The company joins other industry players that are increasingly turning their attention to Tier 1 assets with lower operational costs and longer mine lives.

While Barrick Mining Corporation (NYSE:B) is best known for its gold exploration and mining activities, the company is increasingly divesting its portfolio to focus on copper production. The company is undergoing a rebranding effort, as evidenced by its focus on major copper projects in Pakistan and Zambia.

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Disclosure: None. This article is originally published at Insider Monkey.