Barrick Gold: Mali Deal Unlocks Long-Term Growth and Sets Stage for North American IPO

Barrick Gold Corp has moved past a extended period of regulatory uncertainty in West Africa, as the Loulo-Gounkoto complex secured a ten-year extension to its mining license. The agreement with the Malian government ends a phase of disruption tied to reforms in the country’s mining law and provides Barrick with stability in one of its most valuable assets. At the same time, the group is accelerating its strategic redesign, a move that investors greeted with buying activity on Friday.

• License extension: Mali operations secured for ten years
• Leadership: Mark Hill confirmed as permanent chief executive
• Strategy: North American gold-asset IPO targeted for late 2026 under the project name “NewCo”

Deal in West Africa solidifies the Loulo-Gounkoto complex
Barrick and the Malian government resolved the dispute surrounding the Loulo-Gounkoto complex by renewing the mining permit for a decade. In return, Barrick has withdrawn its claim before the World Bank arbitration tribunal, and Mali has dropped allegations against employees while restoring full operational control to the company. For Barrick, the settlement is critical: the site is classified as a Tier-One asset and is expected to generate roughly $900 million in sales in the current year. Open-pit reserves cover six years, while underground reserves extend for more than 16 years, making the operation economically viable again.

Restructuring and the path to a NewCo IPO
Alongside stabilizing operations, Barrick’s leadership structure is being clarified. Mark Hill, who had been serving in an interim capacity, was confirmed as permanent CEO earlier in the month. His mandate includes steering a broad corporate reorientation and execution of the company’s strategic plan.

A centerpiece of that plan is the planned initial public offering of Barrick’s North American mining interests, organized under the project name “NewCo.” This unit would consolidate assets such as the joint venture Nevada Gold Mines and the Pueblo Viejo project. Barrick intends to retain a majority stake in the new entity, signaling a meaningful reshaping of the group’s corporate and asset structure.

Positive market reaction and dividend upgrade
The market welcomed the greater clarity around Barrick’s operations and leadership. On Friday, shares advanced 5.58% to $47.91. The enthusiasm was reinforced by the company’s February 5 quarterly results, which showed an adjusted earnings of $1.04 per share, topping expectations. For shareholders, the update carried an added boost: the quarterly dividend was raised by 140% to $0.42 per share.

With the West Africa license secured and leadership in place, Barrick’s focus shifts to delivering on its strategic ambitions. By the end of 2026, CEO Mark Hill will need to demonstrate that the partial IPO of the North America business delivers the anticipated value to the parent company.