Stock Markets September 2, 2026 01:21 PM

Barrick Weighs Delaying U.S. Gold Unit IPO to 2027 as Preparation Continues

Company explores later listing date while working with lead banks and resolving stakeholder concerns

By Derek Hwang
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Barrick Mining Corp. is reported to be considering postponing the initial public offering of its North American gold operations until 2027. The move would mark a delay from the company’s previously stated plan to list the unit by the end of this year. Preparatory work is ongoing and the timetable remains subject to change while Barrick engages banks and seeks to address investor and joint-venture matters.

Barrick Weighs Delaying U.S. Gold Unit IPO to 2027 as Preparation Continues
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Key Points

  • Barrick is reportedly considering delaying the IPO of its North American gold business to 2027 - impacts the mining and capital markets sectors.
  • Gold-focused planning continues with Goldman Sachs reported as working on the deal and other banks in discussions - affects investment banking and underwriting activity.
  • Shareholder opposition and a recently resolved Nevada joint-venture dispute with Newmont are material governance and legal factors influencing the listing process - relevant to corporate governance and the mining sector.

Barrick Mining Corp. is deliberating a potential postponement of the initial public offering for its North American gold business, with discussions reportedly pointing to a 2027 listing date, according to a Bloomberg report citing a person familiar with the matter.

Earlier this year, Chief Executive Officer Mark Hill had said on the company earnings call on August 10 that the firm intended to complete the IPO by the end of the current year. Under the previously outlined plan, Hill would take the helm of the North American unit after an offering, while Sebastiaan Bock would assume the top role for Barrick's remaining global operations.

The company is said to be working with Goldman Sachs Group Inc. as a lead advisor on the potential transaction and is in discussions with additional banks to join the underwriting group. Sources told Bloomberg that preparations continue and that specifics, including the timing of any public listing, could still be revised.

Market reaction to the report was modest and brief. Barrick shares fell nearly 2% on the news before recovering later in the session. Over a longer horizon, the company’s U.S.-listed shares jumped 22% in August amid investor buying of gold, linked in the article to U.S. government measures aimed at managing debt costs. Overall, Barrick’s stock has been roughly unchanged year-to-date, leaving the company with a market capitalization of about $72 billion.

Investor sentiment toward the proposed split has not been uniformly supportive. The report notes that some of Barrick's largest shareholders have pushed back against Chairman John Thornton’s strategy to separate and list the North American mines; one investor has publicly urged Thornton to step down. The disagreement underscores governance and strategic tensions that could shape the pace and structure of any listing.

Separately, Barrick last month concluded an agreement that gives Newmont Corp. a stake in a Nevada gold project in exchange for Newmont’s backing of the planned IPO. That arrangement removed a potential legal roadblock after Newmont had earlier threatened litigation over alleged mismanagement in the companies’ Nevada joint venture.

Thornton has discussed the idea of carving out Barrick's North American operations since at least 2024, according to the report. For now, company planning continues while timing, banking arrangements, and shareholder dynamics remain fluid.


Bottom line: Barrick is continuing preparatory work on a U.S. listing of its North American gold assets but is reported to be considering a shift of the IPO timetable into 2027. The company is engaging banks and addressing investor and joint-venture concerns that could influence final timing and structure.

Risks

  • Timing risk - Preparations are ongoing and the offering timetable could still change, creating uncertainty for investors and advisors - impacts capital markets and investment banking.
  • Shareholder and governance risk - Opposition from some large investors to the proposed separation could complicate execution or leadership stability - impacts corporate governance and mining-sector investor confidence.
  • Legal and joint-venture risk - The prior dispute with Newmont over a Nevada project, though recently addressed, illustrates potential legal or partnership challenges that could affect project-level operations and the IPO process - impacts mining project development and joint-venture relationships.

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