- Barrick has delayed the public listing of its North American gold business to next year amid internal and investor opposition.
- The company is collaborating with Goldman Sachs and seeking other banks to facilitate the IPO, but major investors are pushing back against the plan.
- Barrick’s US shares surged in August as gold demand rose, but the overall stock is flat for the year, and some deals, such as with Newmont, have disappointed investors.
- Barrick resolved a dispute with Mali’s government, allowing its gold production to resume, though the temporary halt enabled B2Gold to become Mali’s top gold producer in 2025.
The company, which was set to list its North American gold business by the end of the year, has decided to shift the move to next year
These details were disclosed by the Chief Executive Officer of the company during Barrick’searnings call on August 10
As ang with Barrick to bring the deal to life
The anonymousthat its objective is fast-tracked
Some of Barrick’s biggest investors are pushing back against Chairman John Thornton’s plan to separate the company’s North American mines and take them public
One investor has even publicly called for Thornton, a former Goldman Sachs banker, to step down from his position
Barrick’s US-listed shares rose 22% in August as investors turned to gold amid growing concerns about US government debt, budget deficits and the strength of the dollar
Despite the August gold rally, Barrick’s stock has barely moved for the year, leaving the company with a market value of about $72 billion
In August, Barrick reached an agreement with Newmont Corp. to give the company a stake in a major Nevada gold project in return for its backing of the planned IPO
However, Barrick’s shares fell sharply after the agreement was announced. Investors were reportedly unhappy with what they saw as the relatively low value of the deal
The company boasts significant investments in Africa and has been the center of a major dispute in one of West Africa’s junta states
It invested around $2 billion to expand its Lumwana mine in Zambia as part of its copper production expansion scheme
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The Super Pit expansion is set to boost annual copper output from approximately 130,000 tonnes to 240,000 tonnes by 2028, extending operational
With copper reserves estimated at around 8.3 million tonnes, Lumwana has provided over $3.7 billion to the Zambian economy since 2019, including an $887 million contribution in 2024 through wages, taxes, royalties, and local purchasing
Africa remains central to Barrick’s portfolio, with major operations including Kibali in the Democratic Republic of Congo, Loulo-Gounkoto in Mali, North Mara and Bulyanhulu in Tanzania, and Lumwana in Zambia
Last month, the company appointed <a href="https://usglobalxpress.com/vietnam-south-africa-seek-stronger-business-and-trade-ties/" title="Vietnam, <a href="https://usglobalxpress.com/south-africa-wins-chinese-backing-for-122-billion-energy-expansion-to-rebuild-manufacturing-sector/" title="South Africa wins Chinese backing for $122 billion energy expansion to rebuild manufacturing sector”>South Africa seek stronger business and trade ties”>South African mining executive Sebastiaan Bock to lead its operations outside North America, overseeing operations and projects across Africa, the Middle East, Latin America and Asia Pacific
The portfolio generates approximately two million gold-equivalent ounces per annum, with Barrick projecting output growth exceeding 20% over the next three years
Additionally, Barrick has attracted significant attention regarding its ongoing conflict with Mali, a major gold producer in Africa
The protracted dispute with the Malian government significantly impaired operations at the Loulo-Gounkoto gold complex
Authorities operating under General Assimi Goïta’s military administration seized approximately three metric tonnes of gold, valued at roughly $400 million, while imposing export restrictions and assigning the mine to provisional administration
Barrick subsequently reached a deal with the administration, permitting the resumption of operational activities in the West African country
This operational restart has bolstered overall output, as demonstrated by the enterprise reporting a second-quarter gold production of 796,000 ounces, surpassing its projected guidance range
Mali continues to serve as a critical market for Barrick; nevertheless, the temporary suspension altered the structure of the national gold sector, culminating in B2Gold superseding Barrick as the nation’s primary producer in 2025