Barrick Gold Unveils Strategic Overhaul with Major Asset Moves

In a decisive strategic shift, Barrick Gold Corporation announced two significant transactions on December 3, 2025. The world's largest gold producer confirmed the sale of its Tongon mine and revealed plans to potentially spin off its most valuable North American assets into a separate publicly traded entity. This dual announcement signals a profound portfolio realignment aimed at unlocking shareholder value through geographic focus.

The company has completed the divestiture of its Tongon mine in Côte d'Ivoire to Atlantic Group. The transaction is valued at up to $305 million. An immediate payment of $192 million—which includes loan repayments—has been received. An additional $113 million is contingent upon future gold price performance and the successful conversion of mineral resources over the next five years.

This sale is consistent with Barrick's stated strategy of concentrating on its core Tier-1 mining operations while exiting non-core assets. It follows a recent resolution in November with the government of Mali, where Barrick paid approximately 244 billion CFA Francs to secure its interests in the Loulo-Gounkoto complex. The Tongon deal substantially streamlines the company's African portfolio.

A Potential Crown Jewels IPO: "NewCo" Takes Shape

Simultaneously, Barrick's board has unanimously authorized management to explore a public listing for a new subsidiary, currently referred to as "NewCo." This entity would house the company's premier, low-risk jurisdiction assets:

• Its stake in the Nevada Gold Mines joint venture with Newmont Corporation
• The Pueblo Viejo mine in the Dominican Republic
• The high-grade Fourmile gold project in Nevada

Barrick intends to retain majority ownership of the new unit. An evaluation phase is underway and will continue into early 2026, with a concrete update scheduled for February alongside the release of the 2025 full-year results. Market observers suggest pressure from activist investor Elliott Investment Management LP is a key driver behind this move, which aims to secure premium valuations for assets located in politically stable regions.

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

Market Reaction and Analyst Sentiment

Barrick's shares experienced volatility following the news. After a pre-market surge of 4.4% in New York, the stock retreated by 1.29% during the regular session on December 3 to close at $40.50, pressured by broader market profit-taking.

Despite this consolidation, analyst outlook remains positive. UBS reaffirmed its "Buy" rating with a price target of $47.00. Stifel Nicolaus expressed even greater optimism, valuing the fair price target at 65.00 Canadian dollars. The prevailing consensus recommendation is "Strong Buy."

Analysts speculate that a successful spin-off could allow the new North American-focused entity to trade at valuation multiples similar to those of pure-play gold miners. Preliminary estimates suggest the combined enterprise value of "NewCo" could range between $40 and $50 billion.

The Path Forward

All eyes are now on February 2026 as a critical milestone. Barrick will disclose its 2025 financial results and provide a substantive update on the IPO feasibility study at that time. Until then, the operational performance of the assets slated for "NewCo"—particularly the development progress at the Fourmile project—will be closely watched.

The stock's technical picture appears volatile as it consolidates below its 52-week high of $47.50. For investors confident in the execution of this restructuring strategy, the current period may present a strategic entry point.