Barrick strikes deal with Newmont that clears path for IPO

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeCommoditiesMiningBarrick strikes deal with Newmont that clears path for IPOThe world's third largest gold producer named Mark Hill as CEO of its planned North American businessAuthor of the article:Last updated 17 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.Barrick, the world’s third-largest gold producer, is pursuing an initial public offering for its North American assets. Photo by DAVID GRAY / AFP via Getty ImagesBarrick Mining Corp. said it has reached an agreement with Newmont Corp. on their Nevada joint venture, opening the way for the Canadian company to list its North American assets in New York.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 AccountUnder the agreement announced Monday, Newmont will pay Barrick US$1.95 billion as the companies contribute previously excluded properties to the venture, including Barrick’s Fourmile project and Newmont’s Fiberline and Mike developments.The world’s third-largest gold producer is pursuing an initial public offering for its North American assets as it seeks a reset after a string of operational setbacks and a management shakeup that included September’s sudden departure of longtime chief Mark Bristow. Barrick has also lagged behind rivals Newmont and Agnico Eagle Mines Ltd. in failing to fully capitalize on gold’s record rally.Newmont wanted Barrick to address what it sees as underperformance at the Nevada assets before going ahead with the IPO, Bloomberg News reported in February. Earlier this year, Newmont sent Barrick a so-called notice of default after finding evidence of alleged mismanagement at the Nevada joint venture.After resolving their differences, Barrick on Monday named Mark Hill as chief executive officer of its planned North American business. The company is pushing ahead with the IPO by the end of this year, despite pushback from top investors reluctant to dilute their exposure to Barrick’s most valuable assets.Chairman John Thornton says the IPO will allow investors to unlock the value of the North American assets. Still, the plan is facing backlash from some major shareholders including Van Eck Associates Corp, Mackenzie Financial Corp and Franklin Equity Group, Bloomberg News has reported.Barrick’s second-quarter adjusted per-share earnings of 82 cents met the median estimate of analysts surveyed by Bloomberg. Gold output rose a higher-than-expected 11 per cent to 796,000 ounces during the period.The company reaffirmed earlier full-year output guidance of roughly 2.9 million to 3.25 million ounces, and 190,000 to 220,000 tons of copper.Shares of Barrick fell as much as 6.1 per cent in pre-market trading in New York on Monday.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.