Barrick Mining named on Tuesday, Wessel Hamman as chief financial officer of the new company that will hold its North American assets in the run-up to its U.S IPO, while Tim Cribb will serve as chief operating officer.
Both executives are company insiders.
Shares of Barrick Mining on the Toronto Stock Exchange fell 3.3 per cent to C$53.63, tracking gold prices.
The IPO update of its North American unit comes a year after Barrick embarked on a corporate restructuring that included the departure of its former CEO, Mark Bristow, and a split of its business. He was replaced earlier this year by Mark Hill, who will lead the planned stock market listing expected to be completed by the end of this year.
The offering aims to sharpen the operational focus and value of North American Barrick, which produced about 2 million ounces of gold attributable to the company in 2025.
Investors in Barrick, which has its assets spanning from Papua New Guinea to Argentina, have been looking for more value, especially at the time of high gold prices. The miner has signaled plans to reduce exposure to high-risk regions and earlier this month said it was reviewing its operations at Reko Diq in Pakistan due to the prevailing security risks.
Barrick also said that it has been meeting with Newmont, the joint venture partner of Nevada Gold Mines, to improve their performance, and they will abide by all commitments made.
Newmont said in February it had sent a default notice to Barrick about NGM’s underperformance.
North American Barrick’s IPO is one of the most-anticipated public listings in mining this year. However, some analysts said that Barrick’s announcement might indicate a delay in its IPO timing. “My impression is that they seem to be pushing the IPO backwards,” said Martin Pradier, a gold analyst with Veritas Research. “It could be because they want to resolve issues with Newmont, and they obviously need some time,” Pradier said.
Barrick said it is also discussing the ownership of the Fourmile gold project with Newmont.
North American Barrick will include Carlin, Cortez, and Turquoise Ridge operations in the NGM complex, which is the world’s largest gold-producing region.
It will also include the underdeveloped Fourmile gold project located next to NGM, as well as the Pueblo Viejo mine in the Dominican Republic.
North American Barrick is expected to have its primary listing in New York, with a secondary one in Toronto.
(Reporting by Vallari Srivastava in Bengaluru, Divya Rajagopal in Toronto; Editing by Shailesh Kuber, Louise Heavens, Alexander Smith and Tomasz Janowski)
