Barrick Mining has announced plans to spin off its top North American gold assets in an initial public offering (IPO) slated for late-2026. This move forms part of a strategic reset by the Canadian metals producer following a period of challenges and management changes. The company intends to sell a minority stake in the new North American unit, with expectations to list 10 to 15 per cent of the entity. Barrick Mining is the world’s second-largest gold producer. It focuses on gold and copper mine operations, along with exploration and development activities.
The IPO could be worth more than $US60 billion ($86 billion) as Barrick seeks to recover from declining output and the departure of CEO Mark Bristow in September. Bristow’s tenure was also impacted by the seizure of a key mine in Mali. Mark Hill has been appointed the new chief executive officer.
The turmoil at Barrick has meant the company has struggled to capitalise on a record-breaking rally in gold prices. Pressure has also mounted after activist investor Elliott Investment Management LP acquired a substantial stake in Barrick. Shares in the miner were down 6.2 per cent near 3.10pm in New York.
Barrick stated that it would retain a significant majority holding in the new North American business. However, the company did not provide specific details regarding where the unit will be listed. The move is expected to streamline operations and unlock value from its key assets.
