Barrick Mining revealed on Tuesday that it has submitted registration documents with the U.S. Securities and Exchange Commission for an initial public offering that would list its North American operations in New York. The company said the new US-listed entity will operate as American Barrick Gold and is expected to trade on the New York Stock Exchange under the ticker ABGC.
The IPO filing names Goldman Sachs, Bank of America Securities and RBC Capital Markets as the underwriters for the offering. Company filings also indicate that Mark Hill will serve as the chief executive of American Barrick Gold. Hill told stakeholders on Monday that the offering is planned to launch by early next year.
Barrick Mining, which is publicly listed on the Toronto Stock Exchange, currently groups its assets across multiple regions - including North America, Africa, Latin America and the Asia-Pacific - within a single corporate structure. The paperwork for the proposed separation states that, following the IPO, Barrick Mining intends to retain a majority of American Barrick Gold's common stock.
The company has been reported to have been weighing a split of its operations since last year, following the departure of its former chief executive, Mark Bristow. That earlier reporting indicated Barrick was considering structural changes to separate its North American business from its other regional assets.
This filing represents one of the more closely watched potential public offerings in the gold mining sector in recent years. The move would create a distinct, U.S.-listed vehicle focused on North American mining operations while leaving the parent company with controlling ownership following the public sale of shares.
Key elements disclosed in the filings include the planned NYSE listing under ABGC, the roster of underwriters responsible for taking the deal to market, the intended timetable for the IPO launch as communicated by the incoming CEO, and the parent company’s proposed post-offering ownership position.
Further details about the size, pricing or exact timing of the offering have not been provided beyond the indication that the IPO would be launched by early next year.