Barrick Mining (TSX: ABX) has named the leadership team that will steer its North American assets toward a standalone public debut, marking a major step in the gold producer’s plan to carve out its most stable operations into a new entity.
The company announced Tuesday that its long-planned initial public offering of North American Barrick is targeted for completion by the end of 2026. The new vehicle will hold Barrick’s stakes in the Nevada Gold Mines complex and the Pueblo Viejo mine, along with the high-grade Fourmile growth project. To lead the venture, Barrick has tapped a slate of veterans including Tim Cribb as chief operating officer and Wessel Hamman as chief financial officer.
The leadership team, which also includes Joe Heckendorn as chief legal officer and Megan Tibbals as chief technical officer, has reportedly been working together for months. They will report to Barrick CEO Mark Hill as they navigate the remaining regulatory hurdles and market conditions required to hit their year-end launch target.
A chief executive officer for the new entity has yet to be named.
The spinout is designed to give the North American portfolio its own dedicated management and balance sheet. Barrick intends to pursue a primary listing in New York with a secondary listing in Toronto, though it will retain a significant controlling interest in the new company.
READ: Newmont Issues Default Notice To Barrick On Nevada JV
While the executive appointments provide much-needed clarity on the structure of the new firm, the road to the IPO remains complicated by existing partnerships. Barrick’s primary partner in Nevada, Newmont, has previously raised questions regarding its right of first refusal and has issued default notices alleging mismanagement at their joint venture. Barrick leadership noted they have been meeting with Newmont counterparts to discuss the IPO and the eventual integration of the Fourmile project into their shared Nevada operations.
Fourmile is a central piece of the IPO’s growth story, but it carries its own set of baggage. A legacy royalty agreement held by Teck Resources, which entitles the base-metals miner to a significant cut of net profits at the site, has surfaced as a potential headwind for the new company’s valuation.
Barrick Mining last traded at $55.47 on the TSX.
Information for this briefing was found via Bloomberg and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
