Barrick Gold Considers Public Offering for Key North American Assets

The board of directors at Barrick Gold, the world's largest gold producer, has unanimously authorized management to explore a partial public listing for a new entity housing its premier North American operations. This strategic review, revealed just weeks after activist investor Elliott Investment Management took a stake, aims to unlock value while the parent company retains majority control.

Pressure from Elliott Investment Management, which manages $76.1 billion in assets and disclosed its position on November 18, 2025, appears to be a catalyst. The investor has advocated for separating Barrick's lower-risk North American mines from its operations in regions like Asia and Africa. Despite Barrick's stock price more than doubling over six months amid surging gold prices, it continues to trade at a discount, valued at just 0.9 times its net asset value. This lags behind North American peers, which typically trade above 1.0 times.

The proposed new company, tentatively referred to as "NewCo," would bundle three cornerstone assets:
* Nevada Gold Mines, a joint venture where Barrick holds a 61.5% controlling interest and acts as operator.
* Pueblo Viejo, a major mine located in the Dominican Republic.
* The Fourmile project, a recent discovery in Nevada that Barrick has labeled "one of the most significant gold finds of the century."

Barrick's current plan involves selling only a minority stake, maintaining both ownership and operational control over the portfolio. A further update is scheduled alongside the release of full-year 2025 results in February 2026.

Strong Operational Performance Provides Foundation

The company's operational strength supports this strategic maneuver. Barrick reported record financial results for the third quarter of 2025, highlighted by robust cash generation:
* Operating cash flow reached a record $2.4 billion.
* Free cash flow stood at $1.5 billion.
* Quarterly gold production was 829,000 ounces, with copper output at 55,000 tonnes.
* Revenue for the period totaled $4.1 billion.

Should investors sell immediately? Or is it worth buying Barrick Mining?

Mark Hill, Interim CEO, commented on the potential listing: "We are evaluating an IPO of our North American assets, which would provide shareholders with greater choice in geographic allocation. Our unwavering focus on safety, delivery, and growth projects remains unchanged."

Concurrent Divestment and Favorable Market Conditions

This potential public offering coincides with an ongoing divestment program. Most recently, on December 2, 2025, Barrick concluded the sale of its Tongon mine in Côte d'Ivoire for up to $305 million. The buyer, Atlantic Group, paid $192 million in cash upfront, with the remainder contingent on future performance.

Throughout 2025, Barrick's asset sale initiatives have generated approximately $2.6 billion in proceeds. Other significant transactions included the Hemlo mine (for up to $1.09 billion), the company's stake in the Donlin Gold project, and the Alturas project.

The broader market environment remains supportive. Gold prices currently trade above $2,400 per ounce, marking an approximate 60% increase since the start of the year. Sustained central bank purchasing, including China's 13th consecutive monthly reserve increase, coupled with anticipated interest rate cuts from the U.S. Federal Reserve, continue to bolster the sector.

Leadership transition adds another layer to the corporate narrative. The search for a permanent CEO continues following the departure of the previous chief executive in September 2025. Elliott Investment Management is expected to seek influence in the selection process. The interim leadership has provided a window for strategic reviews, with the IPO exploration serving as a clear example of potential new directions.