Barrick Mining evaluating initial public offering of North American gold assets

TORONTO – Barrick Mining Corp. says it’s exploring a potential initial public offering of a subsidiary that would hold its North American gold assets.

The new firm would be anchored by its joint venture interests in Nevada Gold Mines and the Dominican Republic’s Pueblo Viejo mine, as well as its wholly owned Fourmile gold discovery in Nevada, the company said in a press release Monday.

“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 waver from our commitment to operate safely, perform to our targets, and deliver our growth projects,” Barrick interim CEO Mark Hill said.  

In November, the company announced in its third-quarter results that it began an operational review focused on driving shareholder value, particularly for its gold assets in Nevada and the Dominican Republic.

Barrick said the new company would be listed through an initial public offering of a small minority interest, while it retains a significant controlling majority interest.

Barrick’s board has authorized management to explore the idea through early next year and plans to update the market on its progress when it reports its full-year results in February.

Hill said the company’s gold operations in Nevada and Dominican Republic are among the best in the world, while the Fourmile project in Nevada is one of the century’s most significant gold discoveries.

John Ing, president and CEO of Maison Placements Canada, said he thinks the move is positive.

He said shares of the company had been “lagging” for a period of time due to investor concerns over some of the jurisdictions of its mines.

“Notwithstanding that, Barrick has probably the largest array of tier one assets as far as gold mines. So there is a premium being paid for America’s jurisdiction,” he said.

Ing said Barrick has the “lion’s share” of Nevada Gold Mines through a joint venture with Newmont Corp., with that array of assets being one of the world’s largest mining development companies in the world.

“By spinning that off with Pueblo Viejo … they hope to get a premium valuation and that would only enhance the value of Barrick on the theory that the parts are worth more than the sum,” he said. 

The potential IPO comes after changes in Barrick’s leadership.

Last week, Barrick said that Ben van Beurden, the company’s former lead independent director, had stepped down from its board. Van Beurden joined the board in May and was named lead independent director in August.  

In September, it announced Mark Bristow had stepped down from the top job after nearly seven years. 

Barrick also announced last week that it had come to a resolution with the Mali government over its Loulo and Gounkoto mines in the country. The dispute, related to taxes and a new mining code in Mali, marked the end of a two-year standoff that included the suspension of the mine complex’s operations for an extended period and the prolonged detention of four Barrick employees.

This report by The Canadian Press was first published Dec. 1, 2025.

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