Barrick to Explore IPO of North American Gold Assets

Written by Eric Funderburk for Industrial Info Resources (Sugar Land Texas)

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Summary

Barrick Mining Corporation says it is considering an initial public offering of its North American gold assets, which include significant holdings in Nevada and the Dominican Republic.

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Barrick IPO Announcement

Yesterday, Barrick Mining Corporation (Toronto, Ontario) announced that it would begin considering an initial public offering (IPO) for its gold assets in North America, which primarily affects existing facilities and pending projects in Nevada and the Dominican Republic.

Nevada Operations

Barrick announced its plans Monday, specifically calling attention to its joint venture company Nevada Gold Mines (Elko, Nevada), of which it holds a 61.5% ownership stake, with the remaining 38.5% held by Newmont Corporation (Denver, Colorado). Nevada Gold Mines is underway with or considering several projects in Nevada, the most of important of which is just getting started and involves an expansion of the company's Carlin gold mine complex in Eureka County.

Barrick intends to extend the mine's operational life by expanding into areas that ultimately could contribute 140,000 ounces per year of gold, allowing the mine complex to continue its output of 1.6 million ounces per year beyond 2038. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can learn more by viewing the project report.

Several other projects involving the Carlin complex are planned for the future, including opening further areas for mining as its South Arturo and Goldstrike open pits are expected to be depleted in 2027. The Gold Rush mine, which the company is developing near Crescent Valley, Nevada, will use the Goldstrike roasting facility when it comes online in 2027. (See project report.)

Barrick's Fourmile Strike

In its announcement, Barrick also specifically mentioned its Fourmile gold discovery in Nevada as being part of the IPO. Barrick announced the discovery of Fourmile in September 2019. The mine is located near Nevada Gold Mines' Gold Rush asset, but Barrick retains sole ownership of Fourmile at present. Development and production of the mine remain some way off, with Industrial Info not expecting significant movement until 2030. Barrick hopes to establish production of 600,000 to 750,000 ounces of gold per year from Fourmile when it begins production and is eyeing making Fourmile part of the Nevada Gold Mines venture with Newmont in the future. Subscribers can learn more from the related project report.

Dominican Republic

Nevada and the U.S. are not the only areas that would be included in the potential IPO. The newly formed company also would include Barrick's Pueblo Viejo gold mine in the Dominican Republic. Adding an element of complexity to Barrick's relationship with Newmont, this venture comes under the two companies' Pueblo Viejo Dominicana Corporation joint venture, in which Barrick holds a 60% stake and Newmont the remainder. Barrick manages the open-pit mine's operations. The mine began operating in 2012 and still represents the largest foreign investment in the Dominican Republic's history, amounting to more than US$5 billion.

Last year, Barrick expanded the facility's processing plant and added a heap leach pad with the view of expanding the mine's operational life. Continuing this growth process, early next year Barrick will add to tailings storage, which will last into 2027, as well as perform a major overhaul to one of the hydraulic shovels. Subscribers can learn more by viewing the related project reports.

Barrick Name Change

Barrick changed its name from Barrick Gold Corporation to Barrick Mining Corporation in May this year. While the majority of the company's assets are for gold production, Barrick wanted a more inclusive name to reflect its growing copper operations, which include locations in Zambia, Chile and Saudi Arabia.

Key Takeaways

• Barrick Mining announced that it is considering an IPO for its North American gold assets.
• These assets include joint-venture operations in Nevada and the Dominican Republic with Newmont Corporation.
• A substantial portion of Barrick's project spending is going toward expanding and extending the life of its Carlin gold mining complex in Nevada.

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About Industrial Info Resources
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 200,000 current and future projects worth $17.8 trillion (USD).