Barrick Gold Considers Strategic Spin-Off of Core North American Assets

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Barrick Gold, the world’s second-largest gold producer, is evaluating a significant corporate restructuring. The company’s board has authorized an exploration of plans to separate its premier North American mining operations into a new, publicly traded entity. This strategic move is designed to potentially unlock substantial value from these high-quality assets.

The consideration of a spin-off comes during a period of robust operational and financial performance for Barrick. In the third quarter of 2025, the miner produced 829,000 ounces of gold. Its operating cash flow surged to $2.4 billion, marking an 82% increase from the previous quarter. The company also declared a quarterly dividend of $0.175 per share, payable on December 15.

This strong footing is complemented by a powerful rally in the gold market. Prices for the precious metal recently climbed past $4,300 per ounce, nearing the record high set in October and representing a gain of approximately 62% year-over-year. Analysts point to expectations of interest rate cuts, a softer U.S. dollar, and ongoing geopolitical tensions as key drivers. Central bank demand, particularly from China, continues to provide further support.

The Rationale for a New Corporate Structure

The core proposal involves transferring Barrick’s North American gold mines into a separate company, tentatively referred to as "NewCo." A minority stake in this new entity would then be sold through an initial public offering. The portfolio slated for inclusion features lucrative interests in Nevada Gold Mines, the Pueblo Viejo mine in the Dominican Republic, and the wholly-owned Fourmile project in Nevada.

Market experts note that mining companies focused exclusively on politically stable jurisdictions like North America typically command higher valuations from investors. By isolating these assets from Barrick’s operations in Africa and Asia, the parent company aims to capture this valuation premium while retaining majority control of the spun-off business.

Mark Hill, Barrick’s Group Chief Operating Officer and Interim CEO, highlighted the exceptional quality of the assets under consideration. He specifically cited the Fourmile project in Nevada as one of the most significant gold discoveries of this century.

Portfolio Optimization Continues

Alongside the potential corporate split, Barrick is actively streamlining its broader portfolio. Following the divestment of its Tongon interest, the company has now placed the Hemlo mine on the market with an asking price of up to $1.09 billion. Barrick operates six of the world’s top-tier gold mines across 18 countries.

A final decision on the spin-off is expected by early 2026, with an update anticipated during the company’s annual results presentation in February. Any execution of the plan remains subject to final board approval, regulatory requirements, and prevailing market conditions. If implemented, the restructuring would provide Barrick with a clearer operational focus and offer investors direct exposure to a pure-play North American gold producer.