Barrick Mining Corp. has announced its intention to list its North American operations on the New York Stock Exchange, reaffirming its timeline to complete the initial public offering (IPO) by the end of this year. The spinoff will encompass Barrick's interests in joint ventures with Newmont Corp. in Nevada and the Dominican Republic, as well as the company's Fourmile project in Nevada.
Strategic Reset Amid Operational Challenges
The world's third-largest gold producer is pursuing this IPO as part of a broader strategic reset following a series of operational setbacks and a management shakeup, which included the sudden departure of longtime CEO Mark Bristow in September. The North American spinoff, potentially valued at over US$60 billion, aims to separate these assets from operations in more risky jurisdictions such as Mali and Pakistan, while addressing years of declining output.
Listing Details and Stake Structure
Barrick confirmed on Tuesday that the new unit will have its primary listing in New York, with a secondary listing in Toronto. The parent company will retain a majority stake in the unit. The IPO is expected to involve selling a 10% to 15% stake in the entity later this year.
New Leadership Team
The company also finalized its new leadership team, appointing Tim Cribb as chief operating officer and Wessel Hamman as chief financial officer. These appointments were previously reported by Bloomberg last month.
Joint Venture Discussions
Barrick stated that it continues to engage in discussions with Newmont regarding improvements to their joint venture operations. However, the company emphasized that it can proceed with the IPO without Newmont's approval.
This move represents Barrick's latest effort to streamline its portfolio and focus on its core North American assets, which are considered more stable and less exposed to geopolitical risks. The IPO is expected to attract significant investor interest given the strong gold market and the quality of the assets involved.
