Agnico Eagle Mines (TSX:AEM) says it has no interest in participating in Barrick Mining’s (TSX:ABX) proposed listing of its North American gold business.
“It would not make sense for us to buy into their North America IPO [initial public offering],” Agnico Eagle CEO Ammar Al-Joundi told Reuters in an interview on Tuesday.
Barrick initially targeted the listing for the end of 2026. However, a recent Bloomberg report said the Canadian gold miner is considering delaying the transaction until 2027, as reported.
The proposed spinout is expected to hold Barrick’s interests in Nevada Gold Mines (NGM), its joint venture with Newmont (NYSE:NEM), as well as the Pueblo Viejo mine in the Dominican Republic.
Barrick sees North American value
The listing forms part of Barrick’s broader strategy to unlock the value of its North American gold assets by separating them from operations in jurisdictions considered to carry higher geopolitical and operational risks.
Barrick believes those higher-risk assets have weighed on the valuation of its overall portfolio.
In recent years, the company has been overtaken in gold production by Agnico, whose major operations are concentrated in Canada.
“Strategically we have our own business and it is looking pretty good,” Agnico’s Al-Joundi told Reuters.
Agnico focuses on own portfolio
In 2026, Agnico continues to cement its position as Canada’s largest gold producer and the world’s second-largest.
The company has also outperformed many of its peers in the market, with its shares rising more than 15% year-to-date.
Al-Joundi’s comments reinforce Agnico’s previous stance that it intends to remain focused on advancing its existing portfolio.
Write to Jackson Chen at Mining.com.au
Main image: Agnico Eagle Mines
