Barrick Mining launched a $3-billion share buyback on Monday as the world's third-largest gold producer seeks to attract investors ahead of a planned spinout of its North American assets.
The Toronto-based miner announced the repurchase authorization after
reporting a 13% decline in first-quarter profit from the previous quarter
, extending a shareholder return strategy that follows a $500-million buyback late last year.
Barrick Mining: $3 Billion Buyback Sets Stage for North American IPO
Barrick is preparing to list a new company holding its Nevada joint venture, the Fourmile discovery and the Pueblo Viejo mine in the Dominican Republic, with the transaction targeted for completion by the end of 2026.
According to the company,
the authorization is intended to return cash to shareholders at a time when Barrick sees exceptional value in its own shares, particularly in anticipation of the planned IPO of North American Barrick.
Net earnings rose to $1.6 billion, more than triple year-earlier levels, despite gold production declining 5% to 719,000 ounces.
The strong financial performance came as
gold prices hit record highs during the quarter, averaging $4,673.5 an ounce, up roughly 63% from a year earlier
, according to market data.
The company produced 719,000 ounces of gold during the quarter, exceeding guidance of 640,000 to 680,000 ounces
, supported by strong performance from Nevada Gold Mines and other operations.
The spinoff would incorporate
Barrick's interests in its Nevada Gold Mines and Dominican Republic joint ventures with Newmont Corp, as well as the Fourmile project in Nevada, which Barrick has described as one of the greatest gold discoveries of the century.
A preliminary assessment of Fourmile, released in September, indicated potential annual output of up to 750,000 ounces.
Cameco: Saskatchewan Floods Halt Uranium Mill Operations
Canada's Cameco has temporarily halted production activities at its Key Lake mill and reduced activity at its McArthur River mine after flooding damaged transport infrastructure in northern Saskatchewan.
The uranium producer faces a significant operational disruption as
the Smoothstone River Bridge, which is on the primary route the uranium giant uses to transport supplies to McArthur River and Key Lake, has collapsed due to flooding.
Cameco said the Cigar Lake mine continues to operate and its consolidated annual production plan remains unchanged.
However,
the company warned that prolonged road restrictions and continued disruption to deliveries of critical operating materials could affect the 2026 production outlook for the McArthur River/Key Lake operation.
According to analysts, the disruption could have meaningful market implications.
"If the Key Lake mill is down for a full month, McArthur River would almost certainly be forced into a total production halt," Uranium Equities analysts said, estimating the direct production impact could be about 1.5 million pounds of uranium.
The timing is significant as uranium markets remain tight, with prices hovering around $86 per pound according to recent market data, up more than 20% year-over-year as nuclear power demand accelerates globally.
Focus Graphite: World's Fifth-Largest Resource in Quebec
An updated resource for Focus Graphite's Lac Tetepisca project in central Quebec ranks it in the top five largest graphite resources in the world, and almost doubles its contained graphite over the initial estimate.
The update boosts the global contained graphite to 14.7 million tonnes over the 2022 resource, an 86% increase, while the total grade of 10.2% graphitic carbon (Cg) is just slightly lower than the 10.7% Cg in the original estimate
, the company reported Friday.
The revised NI 43-101-compliant estimate defines 120.16 million tonnes of indicated resources grading 10.27% graphitic carbon (Cg), alongside 24.14 million tonnes of inferred resources at 9.88% Cg.
The resource milestone positions Quebec as a strategic hub for North American battery materials supply, with
Focus CEO Dean Hanisch stating "Lac Tetepisca delivers on all three" requirements of scale, size, and grade needed to be a credible alternative to China.
The resource update comes amid accelerating demand forecasts for natural graphite tied to electric vehicle batteries, with global natural graphite production forecast to grow at a compound annual growth rate of 15.6% between 2025 and 2030, reaching 3.78 million tonnes annually by the end of the decade.
China currently accounts for more than 80% of global natural graphite production and around 90% of battery anode material manufacturing
, underscoring strategic concerns among North American policymakers.
Trump Administration: $18.6B Critical Minerals Push Favors Rare Earths
Despite the Trump administration investing around $18.6 billion into critical mineral projects, the investment push is lopsided, with the rare earth supply chain receiving far more funding than other metals, BMO Global Commodities Research says in a new report.
The Trump government's roughly $18.6 billion in committed and uncommitted funding breaks down into about $15.9 billion in loans, $2.1 billion in equity investments and $615 million in grants across 60 instances of project financing
, according to BMO analysts.
Despite rare earths' strategic significance for defence applications, they continue to attract outsized government funding even though their market value is relatively small, with the total volume of the elements bought worldwide in 2024 just $3.5 billion, compared with more than $300 billion for copper, $20 to $35 billion for lithium and $10 to $15 billion for uranium.
The funding has come through new legislative avenues and existing sources including
the One Big Beautiful Bill Act and existing sources like the U.S. Export Import Bank (EXIM), the United States' International Development Finance Corporation (DFC) and the CHIPS Act.
Last summer, the Department of Defense invested $400 million in MP Materials, the sole rare earths miner in North America, making the DoD the largest shareholder in the company.
Rio Tinto: Eyeing Larger Stake in Argentina's Los Azules Copper Project
Rio Tinto is evaluating the economic potential of McEwen Copper's giant Los Azules project in Argentina as the mining group considers increasing its 17.2% stake in the development, two industry sources said.
Los Azules is among the world's 10 largest undeveloped copper projects and the move highlights Rio Tinto's push for large-scale copper assets as miners scramble to meet surging demand from data centres and the global clean energy transition.
McEwen Copper managing director Michael Meding told Reuters: "We are obviously discussing with our existing partner Nuton because their technology makes so much sense."
A feasibility study released in October 2025 estimates an after-tax net present value of $2.9 billion, with the project targeting first production by 2030.
Average production over the first five years is projected at about 204,800 metric tons per year of copper cathode.
McEwen Copper is in talks with global lenders to secure about $4 billion in financing to develop the project, engaging export-credit agencies including the US Export-Import Bank to structure funding tied to equipment sourcing.
Sherritt International: Cuba Operations Suspended After U.S. Sanctions
Following consultation with its advisors, Sherritt has suspended its direct participation in joint venture activities in Cuba, effective immediately
, the Canadian miner announced Thursday. The decision came after
the mere issuance of the Executive Order itself creates conditions that materially alter the Corporation's ability to operate in the ordinary course, including activities related to Sherritt's Cuban joint venture operations.
Shares in Sherritt fell by 42% to close at $0.145 apiece on the Toronto Stock Exchange on Thursday.
Sherritt noted there is no immediate effect on refinery operations in Fort Saskatchewan, Alta., where it is continuing to produce finished nickel and cobalt, with enough feed material to last until about mid-June.
Toronto-based Sherritt has been heavily reliant on the Caribbean island for decades with a 50-per-cent stake in the Moa Joint Venture, which mines, processes and refines nickel and cobalt, and also has a sizable power division in Cuba with a one-third stake in Energas SA, the largest independent energy producer on the island.
The company's exit marks the end of a 35-year partnership with Cuba's government.
Freeport-McMoRan: Grasberg Restart Delayed to Early 2028
The company said it now expects the giant complex in Central Papua province to return to full capacity by early 2028, previously targeting a full restart by end-2027.
"Operations are currently in the recovery phase following the underground mine incident, with production currently at around 40% to 50%," Freeport Indonesia's chief executive Tony Wenas stated, adding "The company targets a return to full capacity by early 2028."
As a result of the delay, the company expects Grasberg's copper production this year to be 700,000 lb., down from the 1-billion-lb. target it had forecasted in its fourth-quarter earnings report.
The delay adds further strain to global copper markets, as
Grasberg accounted for about 3% of the world's copper supply at the time
, producing significant volumes before the September 2025 mudflow incident.
The updated plan now calls for 65% capacity in the second half of 2026, 80% capacity by mid-2027, near-full capacity by the end of 2027, and sustained full operations only in early 2028.
The extended timeline comes as copper prices remain elevated, with the COPX copper miners ETF trading at $88.01, up 2.4% according to market data, reflecting tight supply conditions across the sector.
What It Means
Today's announcements underscore three dominant themes reshaping the mining sector: strategic capital allocation by majors, critical minerals supply chain urgency, and operational disruptions testing market resilience.
Barrick's $3-billion buyback signals confidence in gold's structural strength—with prices near $4,700 per ounce—while positioning the company for a transformative North American spinoff that could unlock significant shareholder value. The move reflects a broader trend among senior producers prioritizing returns over growth at any cost.
Meanwhile, government intervention in critical minerals has reached unprecedented scale. The Trump administration's $18.6 billion commitment, heavily weighted toward rare earths despite their modest market size relative to copper or lithium, reveals the strategic calculus driving resource policy: defense applications and supply chain security trump pure economics. This creates opportunities for juniors with the right commodities in the right jurisdictions—particularly graphite developers like Focus Graphite, whose Quebec resource now ranks among the world's largest at a time when Western governments are desperate to diversify away from Chinese battery materials.
Operational disruptions at Cameco and Freeport highlight the fragility of global commodity supply chains. Saskatchewan's flooding may remove 1.5 million pounds of uranium from a market already pricing in long-term nuclear demand growth, while Grasberg's extended downtime removes 3% of global copper supply through 2028. Both disruptions should support elevated commodity prices and benefit producers with operational flexibility. The uranium sector, in particular, faces a critical test as flooding impacts one of the world's highest-grade mining districts just as reactor demand accelerates.
Finally, Sherritt's forced exit from Cuba after 35 years demonstrates how quickly geopolitical risk can materialize into existential corporate crises—a reminder that jurisdiction matters as much as geology in today's mining landscape.
This roundup covers press releases published on May 11, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.
