Barrick to press ahead with IPO of North American gold assets, names Hill CEO

By Tanay Dhumal and Divya Rajagopal

Feb 5 (Reuters) – Barrick Mining said on Thursday it would move forward with preparations for an initial public offering of its North American gold assets and named interim head Mark Hill as its chief executive and president.

U.S.-listed shares of the company rose 2% in premarket trading. However, the company’s shares in Toronto dropped 6.7% in morning trading, as analysts said the market was punishing the company for high cost guidance and disclosure of its December payout to Mali.

“My concern is the huge increase in cost,” said Martin Pradier, analyst with Veritas Research. Factoring in the payout, Mali is one of the company’s highest-cost mines, Pradier said, adding that it has added to market concerns. 

Barrick, after a year-long dispute with Mali’s military government last year, reached a settlement that resulted in a total cost of $823 million for the company. 

MUCH ANTICIPATED IPO

The IPO is one of the most anticipated events in the mining industry, as analysts expect the valuation of the group’s North American assets to be around $42 billion.

Barrick in September named veteran executive Hill as interim president and CEO following the sudden resignation of Mark Bristow.

The IPO, which Barrick said should be completed by late 2026, would house Barrick’s interests in Nevada Gold Mines, Pueblo Viejo in the Dominican Republic and its wholly owned Fourmile project in Nevada. 

Barrick plans to retain a controlling stake in the new entity following the listing.

The company beat Wall Street estimates for fourth-quarter profit on higher gold prices.

The gold miner reported an adjusted profit of $1.04 per share for the three months ended December 31, compared with the average analyst estimate of 90 cents, according to data compiled by LSEG.

The miner said one person died after being injured at its mine in Bulyanhulu, Tanzania, in October, and another person died in December after being injured in June at its Kibali mine in the Democratic Republic of Congo, without giving more details. Barrick said it conducted full investigations into the deaths and has taken action to bolster safety.

Barrick previously reported a death at Nevada Gold Mines in September.

The company reported revenue of $6 billion for the fourth quarter, up 65% from a year earlier on soaring gold prices and record production. It bought back shares worth $500 million during the quarter, taking the total share purchase to $1.5 billion in 2025. Investors received a quarterly dividend of 42 cents per share.

For 2026, Barrick guided gold production of 2.90–3.25 million ounces, similar to its 2025 production. The company guided for 2026 all-in sustaining cost of $1,760–$1,950 per ounce with an assumption of a gold price of $4,500 per ounce. 

(Reporting by Tanay Dhumal in Bengaluru, Divya Rajagopal in Toronto; Editing by Sriraj Kalluvila, Susan Fenton, Rod Nickel)