Barrick Mining (NYSE: B) is considering delaying its plan to take its North American gold business public until next year, according to a person familiar with the matter.
The Toronto-based miner’s initial public offering for the North American assets was on track to be completed by the end of the year, Chief Executive Officer Mark Hill told analysts on Barrick’s earnings call Aug. 10. Hill will lead the North American unit following the IPO, with Sebastiaan Bock becoming CEO of its other operations.
Barrick is working with Goldman Sachs Group Inc. on the deal, Bloomberg News has reported. The company is in talks with additional banks to work on the potential IPO, the person said, asking not to be identified as the information isn’t public.
Preparations are ongoing and details including the timing of the offering could still change, the person said. A Barrick spokesperson declined to comment.
Some of Barrick’s top investors have expressed opposition to Chairman John Thornton’s strategy to separate the North American mines and list them, with one calling publicly for the former Goldman Sachs banker to retire from the role.
Barrick’s US shares jumped 22% in August as investors bought gold in reaction to US government efforts to manage the cost of its debt. The US Treasury’s intervention in the bond market triggered a flight to gold amid concern over budget deficits and a weaker dollar. Even after the rally, Barrick’s stock is little changed this year, giving it a market value of $72 billion.
The company last month struck a deal to hand Newmont Corp. a stake in a prized Nevada gold project in exchange for its support for the planned IPO. The agreement cleared a potential hurdle to the listing after the Denver-based miner earlier this year threatened legal action over alleged mismanagement of the companies’ Nevada joint venture. Barrick shares plunged following the announcement, however, as investors were disappointed by the value of the deal.
Thornton has discussed a separation of Barrick’s North American business since at least 2024, people familiar with the matter have said.
(By Jacob Lorinc and Sybilla Gross)
