Barrick Mining Corp. (NYSE:B) has filed for a New York initial public offering of its North American business. With this step, the world’s third-biggest gold miner will separate its North American operations from a portfolio weighed down by riskier jurisdictions.
The new company will be called American Barrick Gold Corp. It plans to list on the New York Stock Exchange under the ticker ABGC, according to a registration statement filed with the U.S. Securities and Exchange Commission. Current CEO Mark Hill will lead American Barrick.
The number of shares and the price range haven’t been set yet, but Goldman Sachs, Bank of America Securities, Citigroup and RBC Capital Markets are handling the offering. Net proceeds will go to Barrick, whose shares closed 6.1% lower Monday, while the spot gold price fell about 2.6%.
What’s Inside American Barrick
The new company will hold Nevada Gold Mines and the Pueblo Viejo mine in the Dominican Republic. It will also hold Barrick’s joint-venture interests and the Fourmile discovery in Nevada, which Barrick calls “one of the century’s greatest gold discoveries.”
In August, Barrick cleared a key obstacle by striking a deal with Newmont Corporation (NYSE:NEM). The deal gave Newmont a stake in Fourmile and brought the deposit into the Nevada Gold Mines venture, in exchange for Newmont’s support of the IPO.
The filings show book equity of $20.8 billion for the North American business, compared with Barrick’s market value of about $65 billion. North America produced 497,000 of the 816,000 ounces Barrick mined in the third quarter.
Why Now
A year ago, Barrick was weighing a split after longtime CEO Mark Bristow left. He departed after missing internal guidance for 14 straight quarters, and as the company dealt with a development delay in Pakistan and an asset freeze in Mali.
The remaining Barrick will keep its operations in Africa, Latin America and Asia-Pacific. Those assets produced 319,000 ounces of gold and 50,000 tons of copper last quarter. The company’s Reko Diq project in Pakistan is still under review, and lower expected spending there led to a cut in Barrick’s capital budget.
Earnings show why investors want the split. Third-quarter adjusted earnings were 82 cents a share, short of the 85-cent estimate. Revenue rose 22% to $5.07 billion but missed the $5.30 billion consensus. All-in sustaining costs jumped to $1,911 an ounce from $1,538 a year earlier. Barrick kept its 2026 forecast of 2.90 million to 3.25 million ounces.
Over the past year, Barrick has lagged most of its major peers. Still, analyst sentiment remains positive, with a consensus price target of $49.68, indicating a 24.3% upside.
B Price Action: Barrick Mining shares were up 1.81% at $40.40 during premarket trading on Wednesday, according to Benzinga Pro data.
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