BARRICK Mining is to explore an IPO of its North American assets, the Toronto-listed group announced on Monday.
The listed subsidiary, majority controlled by Barrick Mining, would hold the group’s joint venture interests in Nevada Gold Mines and Pueblo Viejo in Dominican Republic, as well as Fourmile, a 100% owned gold discovery in Nevada.
The listed ‘newco’ would have the existing Barrick shareholders plus new shareholders, and there would be a potential capital raise.
“Barrick’s gold operations in Nevada and the Dominican Republic are among the best in the world, located in some of the best gold mining jurisdictions,” said Mark Hill, interim CEO of Barrick Mining in a statement on Monday.
“Adding our 100% owned Fourmile project in Nevada, one of this century’s most significant gold discoveries, could put NewCo in a league of its own,” he said.
The proposed IPO comes about a month after the departure of Mark Bristow, former CEO of Barrick since its 2019 merger of equals with Randgold Resources.
The logic behind the proposal is that Barrick Mining’s North American assets do not receive the same risk rating as peers with greater or complete exposure to the continent.
It is understood the proposal is not a prelude to a restructuring of Barrick Mining with plans to expand Lumwana, a large copper mine in Zambia, and develop the Pakistan gold project Reko Diq intact.
Barrick would work on the proposed IPO “through early 2026” with a view to updating the market at its full year results presentation in February.
Said Hill: “While we explore an IPO of our North American assets that could give new and existing shareholders more optionality around jurisdiction in a pure gold company with growth, we will not waiver from our commitment to operate safely, perform to our targets, and deliver our growth projects.”
