Barrick Mining Corp. has engaged Goldman Sachs Group Inc. to spearhead an initial public offering for its North American assets, according to sources familiar with the matter. This strategic move advances the company's plans to spin out its premier gold mines into a separate publicly traded entity.
Veteran Dealmaker Joins Advisory Team
Michael Klein, the seasoned dealmaker who founded advisory firm M. Klein & Co., is also providing counsel on this significant transaction. Sources, who requested anonymity due to the confidential nature of the discussions, confirmed Klein's involvement alongside Goldman Sachs.
Unlocking Value from Premier Assets
The Canadian gold producer is pursuing this listing as part of a broader initiative to extract maximum value from its lucrative mining operations in the United States and the Dominican Republic. The proposed deal could potentially value the North American assets at over US$60 billion, creating a distinct entity separate from Barrick's operations in higher-risk jurisdictions such as Mali and Pakistan.
Details Remain in Flux
Specific parameters of the potential share sale—including its exact size, timing, and final valuation—are still under active discussion and subject to change, according to insiders. Barrick recently informed staff that it has established an executive leadership team for the new company, comprising seven key positions, as reported by Bloomberg earlier this week.
Established Relationships Drive Collaboration
Barrick's connection to Goldman Sachs is strengthened through its chairman, John Thornton, who previously served as president of the U.S. financial giant. The Toronto-based mining company has also maintained a close working relationship with Michael Klein, a prominent investment banker with prior experience at Citigroup Inc. Klein played a significant role in Barrick's 2019 acquisition of Randgold Resources Ltd., demonstrating his familiarity with the company's strategic objectives.
Representatives for Barrick, M. Klein & Co., and Goldman Sachs have all declined to comment publicly on the ongoing discussions. The IPO represents a major strategic shift for Barrick as it seeks to optimize its portfolio and provide clearer value recognition for its North American mining assets.
