Barrick Mining Corp. (TSX: ABX, NYSE: B) filed a registration statement with the US Securities and Exchange Commission on November 10 to float its North American gold operations in New York as American Barrick Gold Corp. (NYSE: ABGC). The filing leaves the number of shares, the price range, and Barrick’s stake after the IPO blank, but it says Barrick will keep a majority of the stock.
Barrick CEO Mark Hill, who will also run the new company, said on a November 9 conference call that the offering will launch by early next year. In February, he said the sale would likely cover 10% to 15% of the unit, which would leave the parent with 85% to 90%. RBC Capital Markets, Citigroup, BofA Securities and Goldman Sachs are underwriting the offering.
American Barrick would hold 61.5% of Nevada Gold Mines, which includes the Carlin, Cortez and Turquoise Ridge mines, and its 60% of the Pueblo Viejo mine in the Dominican Republic. Newmont Corp. (NYSE: NEM) owns the rest of both ventures. Under an August deal, Barrick and Newmont are adding Barrick’s Fourmile gold project and Newmont’s Mike and Fiberline properties to Nevada Gold Mines. Newmont agreed to the IPO in that deal, which requires it to pay Barrick US$1.95 billion in cash.
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The unit produced 2.0 million ounces of gold attributable to Barrick in 2025, about 81% of it from Nevada, and reports reserves of 40 million ounces, enough for roughly 20 years. It earned US$2.24 billion on US$11.4 billion in revenue last year, and US$1.77 billion on US$7.26 billion in the first half of 2026.
American Barrick plans an annual base dividend of US$1.25 billion, paid quarterly. It targets net cash of US$1 billion, give or take US$2 billion, and may pay special dividends from excess free cash flow. IPO proceeds would first pay off a note owed to Barrick, which the company issued as a pre-IPO dividend, and Barrick says it expects to return the money to its shareholders. The S-1 sends any remainder to general corporate purposes. Barrick can name most directors, and most members of each board committee, while it owns a majority.
The IPO follows pressure to break up Barrick. The company was weighing a split by last November, after CEO Mark Bristow left, and activist investor Elliott Investment Management pressed for a separate company to hold the lower-risk Americas mines. Hill took over permanently in February.
Also read: Barrick Doubles Free Cash Flow in Q3, But Copper Costs Blow Past Guidance
The filing warns that the unit depends on just two operations, Nevada Gold Mines and Pueblo Viejo, and that Newmont, its partner in both, may not share Barrick’s interests. It also lists Dominican Republic risks, including expropriation and changes to tax or royalty rules.
