Barrick Mining Continues Portfolio Streamlining with Major Asset Sales

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Barrick Mining is advancing its corporate transformation with a series of significant divestments. The latest move involves the sale of its Mercur Gold Project in Utah, following closely on the resolution of a protracted dispute over its operations in Mali. Market observers now speculate that a potential initial public offering (IPO) for the company's North American gold assets could be the next major strategic shift.

The recent asset sale comes after Barrick successfully concluded negotiations with the government of Mali. In mid-December, the mining giant regained operational control of its gold mine in the country, ending months of tense discussions. The settlement carried a price tag of $430 million.

Furthermore, a Malian judge ordered the return of three tonnes of gold, valued at approximately $400 million, which had been under state seizure for nearly a year. Production at the site had been suspended since January following a dispute triggered by new mining legislation.

Mercur Project Sold to Revival Gold

In a separate transaction, Barrick has agreed to sell the Mercur Gold Project in its entirety to Revival Gold Inc. The Canadian firm secured a purchase option back in 2021 and is now exercising that agreement. The financial terms for Barrick include:

• An upfront payment of $5 million upon deal closure, anticipated in April 2026.
• An additional $15 million, payable in installments over three years following the commencement of production.
• A 2% royalty on all future production from the site.

The project encompasses nearly 1,000 hectares of mining claims. This divestment represents another step in Barrick's strategy to exit non-core projects and sharpen its focus on its most profitable mining operations.

Strategic Overhaul Gains Momentum

Barrick is systematically reshaping its asset portfolio. This sale follows other notable divestitures, including the Tongon mine for $305 million, the Hemlo operation for $1.09 billion, and the Donlin project for $1.1 billion. The potential IPO of its North American gold assets would mark a considerably larger strategic maneuver.

External pressure is partly driving this aggressive restructuring. Activist investor Elliott Capital has taken a position in Barrick and is advocating for measures to enhance shareholder value. Interim CEO Mark Hill has been executing a correspondingly decisive strategy.

The company's financial performance has been strong. Barrick reported third-quarter revenue of $4.15 billion, with earnings of $982 million. Its shares have surged more than 160% over the past twelve months. In a symbolic move last May, the corporation rebranded from Barrick Gold to Barrick Mining, signaling a broader strategic focus beyond gold to include copper and other commodities.