Barrick Mining Reportedly Considers Delaying North American IPO to 2027

Barrick Mining Corp. is reportedly considering a delay for the initial public offering (IPO) of its North American gold business until 2027, according to a Bloomberg report published Wednesday that cited a person familiar with the matter. The potential postponement marks a significant shift from the company's previously stated goal of completing the listing by the end of this year.

Shift in IPO Timeline

The Toronto-based mining giant had been targeting a late-2026 completion for the IPO, a timeline confirmed by Chief Executive Officer Mark Hill during the company's August 10 earnings call. According to the report, preparations for the offering are still underway with Goldman Sachs Group Inc. and other banks, and the final timing could still change.

Following the proposed separation, Hill is slated to lead the newly listed North American unit, while Sebastiaan Bock would become CEO of Barrick's remaining global operations. The company's shares experienced a brief dip of nearly 2% after the report was released before recovering.

Investor and Market Context

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The plan to spin off the North American assets, championed by Chairman John Thornton since at least 2024, has faced pushback from some of Barrick's major investors. One shareholder has publicly called for Thornton's retirement over the strategy. This internal dissent adds a layer of complexity to the timing of the potential listing.

Despite the strategic uncertainty, Barrick's U.S.-listed shares performed well in August, rising 22% as gold prices attracted investors. However, the stock remains relatively flat year-to-date, with the company holding a market capitalization of approximately $72 billion.

Recent Strategic Moves

Barrick recently cleared a significant hurdle for the IPO by reaching an agreement with rival Newmont Corp. The deal provides Newmont a stake in a Nevada gold project in exchange for its support of the listing, resolving a potential legal dispute over the companies' joint venture in the state. This agreement was seen as a key step in de-risking the path to a public offering.