This article first appeared on GuruFocus .
Barrick Mining ( NYSE:B ) is moving ahead with a potentially transformative step, confirming plans to list its North American operations in New York while indicating it remains on track to complete the IPO by year end. The proposed listing, which could value the assets at more than $60 billion, comes as the company looks to reposition after a period marked by operational setbacks and a leadership shift that included the September departure of longtime chief Mark Bristow. Under new CEO Mark Hill and Chairman John Thornton, management has framed the IPO as an initial move to unlock value, while still retaining a majority stake and adding a secondary listing in Toronto.
The planned spinoff is expected to include Barrick's interests in Nevada Gold Mines and its Dominican Republic joint ventures with Newmont Corporation, along with the wholly owned Fourmile project in Nevada. Barrick is targeting the sale of a 10% to 15% stake in the new entity later this year, a step that could separate its North American portfolio from operations in jurisdictions such as Mali and Pakistan. While the company said it can proceed without Newmont's approval, discussions with its partner appear ongoing, particularly around improving performance at the Nevada venture and potentially integrating Fourmile over time, which could affect ownership dynamics.
That backdrop introduces a layer of uncertainty that investors are likely watching closely. Newmont has previously called for operational improvements and issued a notice of default earlier this year, alleging that Barrick diverted resources toward Fourmile, while analysts have suggested the situation could lead to renegotiation of the joint venture. Barrick has also outlined leadership for the new entity, naming Tim Cribb as chief operating officer and Wessel Hamman as chief financial officer. Shares fell 4.5% intraday and are down nearly 11% this year, potentially reflecting weaker gold prices and execution risks, even as the IPO path could provide a clearer valuation framework if timelines hold.
