The head of Barrick Gold Corp. says the mining giant is poised to take advantage of near-record-high gold and copper prices following the company’s release of its latest quarterly results on Wednesday.

“The market is now waking up, and the industry itself, to just how important it is to invest in not only gold but copper as well,” Barrick’s president and CEO Mark Bristow told BNN Bloomberg in a television interview.

The Toronto-based company, which keeps its books in U.S. dollars, reported a first-quarter profit attributable to shareholders of US$295 million, up from $120 million a year earlier, while first-quarter revenue totalled $2.75 billion, up from $2.64 billion.

Bristow said Barrick experienced a number of structural setbacks in 2023 that impacted production, including a conveyor belt collapse at its Pueblo Viejo gold mine in the Dominican Republic, which has now been rebuilt.

“The team has done an excellent job, and we are now ramping up, so we are back on track,” he said, adding that the mine is also set to be expanded, with the aim of extending its life until at least 2040 and significantly boosting production capacity.

Bristow said Barrick will continue to focus on upping its copper production worldwide, adding that there are multiple projects currently under construction that are “on track.”

“Investors should understand that at the moment, amongst our peers, copper production is an objective, whereas ours is a strategy,” he said.

“We are ramping up our copper production, and I think it's an integral part of any gold miner who wants to remain relevant within the mining global markets.”

To watch BNN Bloomberg’s full interview with Mark Bristow, click on the video above.