Barrick plans IPO of its North American gold business

Barrick Mining, a gold and copper miner listed in Toronto and New York, said it plans to file this month for an initial public offering (IPO) of its North American gold business, The Northern Miner reported. The new company, North American Barrick, would hold interests in Pueblo Viejo in the Dominican Republic and in three Nevada Gold Mines operations: Carlin, Cortez and Turquoise Ridge. Newmont, Barrick’s partner in Nevada Gold Mines, has consented to the IPO, and Barrick still owns 61.5% of the venture and Newmont 38.5%.

The plan came with third-quarter results that beat expectations: revenue rose 22% to US$5.1 billion, but net income rose only 1% to US$1.3 billion. Chief executive Mark Hill, who will lead the new company too, said Barrick still aims to complete the IPO this year, but it may slip into January. The speed of feedback from the US Securities and Exchange Commission on Barrick’s filing will set the timing, and completion also depends on market conditions, approvals and securities registration.

Sources: The Northern Miner · Barrick Mining Corporation