- Barrick is splitting off its crown jewels. Barrick Mining filed a registration statement with the SEC after Tuesday’s close to take its North American gold assets public as American Barrick Gold, which will list on the New York Stock Exchange and rank as the continent’s largest gold producer, The Wall Street Journal reported. It plans to offer a minority stake but has not yet said how many shares or at what price.
- The assets are top tier. American Barrick Gold’s six large-scale operations are anchored by a nearly 62% stake in the Nevada Gold Mines venture with Newmont plus Pueblo Viejo in the Dominican Republic, and the filing says it will hold every “tier one” gold asset in the U.S. and four of the world’s 16 largest gold assets by 2025 output.
- The numbers are substantial. The business produced 2 million troy ounces in 2025, holds 40 million ounces of attributable reserves, which Barrick estimates is a 20-year reserve life, and 38 million ounces of resources, and would have earned net income of roughly $2.2 billion based on 2025 accounts, according to the WSJ.
- Leadership is set. CEO Mark Hill will lead the new company, J. Brett Harvey will be chairman of a seven-member board on which Barrick can appoint a majority, Wessel Hamman will be CFO and Tim Cribb COO. The parent does not plan a Canadian listing for the new company.
What Happened?
Hill told investors this week the listing is expected by year-end, though it could slip into early next year, and that he expects SEC feedback on the S-1 before the IPO proceeds, the WSJ reported. Barrick said the separation should improve strategic and operational flexibility and let each company adopt its own capital structure, investment policy and dividend policy. With third-quarter results on Monday, Barrick affirmed 2026 global gold production guidance of 2.9 million to 3.25 million ounces and copper output of 190,000 to 220,000 metric tons.
Why It Matters?
The carve-out gives U.S. investors a direct, pure-play route into Nevada and other North American gold mines, separate from Barrick’s operations in higher-risk jurisdictions such as Congo, Tanzania and Papua New Guinea. It also comes with gold elevated: the metal averaged about $3,432 an ounce in 2025 and around $4,545 in the first nine months of 2026, even though it is down from its record early this year. For Hill, the IPO is one of four planks to rebuild investor credibility, alongside safety, meeting guidance and growth.
What’s Next?
Watch for the share count, price range and size of the minority stake once Barrick amends the filing, and whether the SEC review keeps the listing on its year-end timeline. The deal’s valuation will be sensitive to the gold price, which has been swinging with Fed rate-hike expectations. Newmont, Barrick’s Nevada partner, and other gold miners could see read-across from how the market values a U.S.-focused producer.
Affected Tickers and Coins: B, NEM, GLD, GDX
Source: The Wall Street Journal
