Barrick Gold’s Strategic Overhaul Captivates Investors

A sweeping corporate transformation is underway at Barrick Gold, drawing significant attention from the investment community. The cornerstone of this shift is a potential separation of its premier North American assets into a distinct publicly-traded entity. This move, designed to unlock and clarify the value of individual business segments, is part of a broader strategy emphasizing focus and liquidity, bolstered by multi-billion dollar divestments of non-core operations.

Concurrent with its strategic review, Barrick has finalized major asset sales, substantially strengthening its balance sheet. The company has secured over USD 1 billion in immediate cash proceeds from two key transactions:

• The sale of its Hemlo mine in Canada to Carcetti Capital (now Hemlo Mining Corp) represents a total deal value of up to USD 1.09 billion.
• Its Tongon mine in Côte d'Ivoire was sold to the Atlantic Group for up to USD 305 million.

This influx of capital provides Barrick with enhanced flexibility to fund growth initiatives, such as the Reko Diq project, or to return capital to shareholders. The market has responded positively to this disciplined approach: the stock, currently trading at CAD 56.51, has advanced approximately 148% since the start of the year.

Resolution in West Africa Removes Key Uncertainty

Further bolstering investor confidence, Barrick has resolved a protracted dispute with the government of Mali. The settlement, while costing the company around USD 430 million, secures its operational control over the critical Loulo-Gounkoto complex. Eliminating this geopolitical overhang restores a measure of predictability for stakeholders regarding the company's operations in the region.

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This financial and operational clarity is already translating into direct shareholder returns. Alongside a quarterly dividend of USD 0.175 per share, Barrick executed share buybacks totaling roughly USD 1 billion throughout 2025.

"NewCo" IPO Emerges as a Central Catalyst

The most significant development driving recent analyst interest is the board's announcement that it is exploring a spin-off of its North American gold assets. The plan involves bundling tier-one projects—including Nevada Gold Mines, Pueblo Viejo, and the Fourmile project—into a new subsidiary, tentatively dubbed "NewCo," for an initial public offering.

The strategic rationale centers on creating a "pure-play" investment vehicle focused on stable geopolitical jurisdictions. Such focused entities often command a market premium compared to globally diversified miners. Barrick intends to retain a significant majority stake in the new company. Investors can expect a further update on this potential separation when the company releases its full-year 2025 results in February 2026.

With a streamlined portfolio, a resolved situation in Mali, and the strategic potential of a "NewCo" listing, Barrick Gold is entering the final stretch of the year with a sharply refined corporate profile. Market observers are now keenly awaiting the February 2026 update for concrete details on the proposed corporate restructuring.