Barrick Eyes Copper in Chile After Pascua Lama Closure

Barrick, once a gold-focused mining giant, has shifted its strategy to copper, driven by the closure of its Pascua Lama project.

The court-mandated shutdown of Pascua Lama marked the end of a costly and troubled venture that never fully materialized.

With its gold ambitions in Chile halted, Barrick is now focusing on copper, a critical metal for the global energy transition.

Under CEO Mark Bristow, Barrick aims to become a top five global copper producer by 2028. This shift is significant as copper is essential for electric vehicles, renewable energy, and other green technologies.

Barrick’s new projects in Pakistan, Zambia, and Saudi Arabia are key to this strategy. They position the company to compete closely with industry leaders.

Despite the Pascua Lama setback, Barrick is not abandoning Chile. The company remains committed to copper, exploring new opportunities in the northern regions despite past challenges.

The closure of Pascua Lama, though drawn out over the next decade, represents a broader strategic shift. It is not a retreat from Chile.

The end of Pascua Lama illustrates the high stakes and challenges of large-scale mining projects, particularly in regions with strict environmental regulations.

For Barrick, focusing on copper is not just a pivot but a necessary adaptation. This shift helps them stay relevant and competitive in a rapidly changing global market.