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

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Photo by Michael Nagle/BloombergBarrick Mining Corp. is considering delaying its plan to take its North American gold business public until next year, according to a person familiar with the matter.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe 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 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 U.S. shares jumped 22 per cent in August as investors bought gold in reaction to U.S. government efforts to manage the cost of its debt. The U.S. 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 US$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.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.