Barrick Mining Prepares to Launch IPO Covering Nevada, Dominican Assets

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Written by Eric Funderburk for IIR News Intelligence (Sugar Land, Texas)

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Summary

Barrick Mining board chairman John Thornton firmed up plans to restructure the company by launching an initial public offering that includes stakes in a Nevada-based joint venture and another wholly owned Nevada asset as well as another joint venture operation in the Dominican Republic.

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Streamlining North American Assets

In a letter to shareholders issued Wednesday, Barrick Mining Corporation board chairman John Thornton confirmed Barrick's plans to restructure by spinning off some of its most valuable North American assets.

While no firm date was set, Thorton said the initial public offering (IPO) of the spinoff, in which Barrick would hold a controlling majority stake, was expected before the end of this year.

In the letter, Thorton explained that executives of Barrick believe shares are undervalued and an IPO is a way to streamline some of the company's most valuable, lower-risk assets into a new higher-value company.

International Challenges

Thorton suggested the IPO represents a broad division of Barrick's assets into higher-risk and lower-risk entities--and he and other executives should know about this. Last year, Mali seized a Barrick gold mine, which after a nine-month shutdown is now operated by the state. Last week, the company announced that security risks in Pakistan were forcing it to slow development of the grassroot Reko Diq copper-gold mine, warning of significant increases to the project's costs, which already were expected to be several billion dollars for two distinct phases of development. Subscribers to Industrial Info Resources' Global Market Intelligence (GMI) Metals & Minerals Project Database can learn more by viewing the related project reports. Construction on Reko Diq only kicked off in earnest last year, although Industrial Info Resources has been tracking development of the asset since 2003, demonstrating the long-term commitments, preparation and permitting that companies must undertake to start a mining project moving, sometimes only to hit roadblocks once construction has begun.

Thornton discussed the value Barrick hopes to unlock by separating its lower-risk assets into a valuable, streamlined company, which he called "North American Barrick:" "In our view North American Barrick will be the most attractive pure gold company in the world, located in the most attractive jurisdiction, with the strongest proven growth pipeline. We would expect to see that value reflected over time in its share price and in the share price of the Barrick parent company. Of our remaining portfolio, we will reduce our exposure to today's higher-risk jurisdictions, enhance the value of our remaining assets through disciplined investment and strategic initiatives, and strengthen the whole with targeted acquisitions," he said.

The North American Assets

So what are those valued assets that will be part of the IPO? They come in a group of three:

• Barrick's stake in Nevada Gold Mines, a joint venture company it operates with fellow miner Newmont Corporation. Barrick owns the 61.5% majority operating stake while Newmont holds the remaining 38.5%. Nevada Gold Mines is underway with two major projects. These include extending the operating Carlin Complex gold mine's life by developing another deposit in order to maintain output of 1.6 million ounces per year of gold. Subscribers can learn more by viewing the project report.
  
  The second project is the development of the grassroot Goldrush Mine to produce 400,000 ounces of gold a year over a 24-year mine life. Click here to see the project report.
  
  The joint venture has not been without conflict. Newmont recently filed a complaint tinged with a warning that accuses Barrick of diverting joint venture resources for a mine solely owned by Barrick. For more on that, see February 25, 2026, article - Newmont-Barrick Nevada JV Tensions Grow.


• The particular asset that Barrick is accused of siphoning joint-venture resources from is its Fourmile project, where the company plans to kick off the development of a grassroot gold mine in the next few years that will produce between 600,000 and 750,000 ounces per year over a 25-year life. Subscribers can learn more by viewing the project report.
  
  The Carlin Complex, Goldrush Mine and Fourmile development are all in Eureka County, Nevada.


• The third piece that would be part of the newly formed company is Barrick's stake in another joint venture with Newmont, Pueblo Viejo Dominicana Corporation, which operates the Pueblo Viejo mine, an open-pit gold mine in which Barrick holds a 60% majority operating stake and Newmont the remaining 40%. The company expanded the facility last year to extend the mine's operational life, a process that will continue with the construction of a tailings dam addition, which is expected to be completed in 2027.

Newmont's present role and stance on the proposed IPO remains unclear, although the company in the past has suggested it would like to see improved performance from the Nevada Gold Mines venture before Barrick makes such a move.

Key Takeaways

• Barrick Mining board chairman John Thornton reaffirmed plans to spin off the company's North American assets in an IPO.
• Barrick wants to spin off its stakes in gold mines in Nevada and the Dominican Republic.
• Thorton says the company aims to complete the IPO by the end of this year.

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About Industrial Info Resources

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Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 250,000 current and future projects worth $30.2 trillion (USD).