Barrick is said to weigh delaying North America gold IPO to 2027

Barrick Mining Corp., a Toronto-based mining company, is reportedly contemplating a delay in the initial public offering (IPO) of its North American gold business to 2027, according to Bloomberg. The news outlet obtained this information from an anonymous source familiar with the matter. Previously, the company had intended to finalize the IPO by the end of this year.

In August, Barrick's CEO, Mark Hill, announced that he would preside over the North American unit following the IPO, while Sebastiaan Bock would assume the role of CEO for the remaining operations.

Barrick is collaborating with Goldman Sachs Group Inc. on the deal and is also engaging with other banks to potentially participate in the IPO. Preparations are ongoing, and the timing of the offering may still be subject to change. After the report emerged, Barrick's shares experienced a brief decline of nearly 2% before subsequently recovering.

Some of Barrick's major shareholders have raised concerns about CEO John Thornton's strategy to separate the North American mines and list them independently. One prominent investor even called for Thornton to resign from his position. Barrick's US shares experienced a significant 22% increase in August as investors sought to capitalize on gold prices, driven by US government efforts to manage the cost of its debt.

Despite this recent surge, Barrick's stock has remained relatively stable throughout the year, with a market value of $72 billion.

In a recent development, Barrick reached an agreement to grant Newmont Corp. a stake in a Nevada gold project in return for the Denver-based company's backing of the planned IPO. This agreement helped overcome a potential obstacle that Newmont had threatened to address through legal action, accusing Barrick of mismanaging their Nevada joint venture. Thornton has been considering the separation of Barrick's North American business since at least 2024, as reported by Bloomberg.