Barrick Mining (TSX:ABX) is considering delaying the planned listing of its North American gold business until 2027, according to Bloomberg.
The Toronto-based gold major had previously targeted completing an initial public offering (IPO) of the spinout by the end of this year.
Barrick is working with Goldman Sachs Group on the potential listing and is in discussions with additional banks about joining the deal, Bloomberg reported.
Preparations remain ongoing and details, including the timing of the offering, could still change, it added.
North American gold assets
The new listing 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 CEO Mark Hill is expected to lead the North American business, while Sebastiaan Bock will serve as CEO of the company’s remaining operations.
The proposed spinout forms part of Barrick’s strategy to unlock the value of its North American gold portfolio, which management has long argued is weighed down by assets in higher-risk jurisdictions.
Nevada Gold Mines has experienced declining production in recent years but remains part of the world’s largest gold mining complex and accounts for more than half of Barrick’s profits.
Shareholders push back
The potential IPO has faced resistance from some of Barrick’s largest shareholders, including VanEck Associates and Mackenzie Financial.
Bloomberg previously reported the investors raised concerns that a split of the business could dilute their exposure to Barrick’s North American operations by as much as 15%.
Last month, the company agreed to include its prized Fourmile gold project in the NGM joint venture, helping secure partner Newmont’s consent for the IPO.
However, Barrick shares fell sharply following the announcement as investors expressed disappointment over the value of the agreement.
Barrick is a global mining, exploration, and development company with a portfolio of long-life gold and copper assets.
Write to Jackson Chen at Mining.com.au
Image: Barrick Mining
