Overview
Barrick Mining confirmed on Thursday that it will advance preparations for an initial public offering of its North American gold assets and has formally appointed Mark Hill as chief executive and president, moving him out of an interim role. U.S.-listed shares were reported up 2% in premarket trading following the announcement.
Scope and timing of the IPO
The planned offering is expected to consolidate Barrick’s interests in several major gold operations, specifically Nevada Gold Mines, the Pueblo Viejo operation in the Dominican Republic and Barrick’s wholly owned Fourmile project in Nevada. Analysts cited by the company place the prospective valuation of the new group at about $42 billion. Barrick has said it intends to retain a controlling stake in the entity after the listing, and it expects the IPO process to be completed by late 2026.
Leadership
Mark Hill, a veteran executive who had been serving as interim president and CEO since September after the unexpected resignation of Mark Bristow, is now the company’s chief executive and president. The firm made the leadership move public alongside the IPO preparations.
Quarterly results and shareholder returns
Barrick reported adjusted earnings of $1.04 per share for the three months ended December 31, exceeding the average analyst estimate of $0.90, according to data compiled by LSEG. The company also reported revenue of $6 billion for the quarter, an increase of 65% from a year earlier, which the company attributed to higher gold prices and record production.
During the quarter Barrick repurchased $500 million of its own shares, bringing total share buybacks for 2025 to $1.50 billion. The company paid a quarterly dividend of $0.42 per share.
Operational guidance
For 2026 Barrick guided full-year gold production of 2.90 to 3.25 million ounces, which the company described as similar to its 2025 production. The miner also provided an All-in Sustaining Cost, or AISC, guidance for 2026 of $1,760 to $1,950 per ounce, using an assumed gold price of $4,500 per ounce as the basis for that outlook.
Safety and workplace incidents
The company said two recent fatalities at its African operations were investigated and that actions have been taken to bolster safety. One individual died after being injured at the Bulyanhulu mine in Tanzania in October. Another person died in December from injuries sustained in June at the Kibali mine in the Democratic Republic of Congo. Barrick noted that these incidents, together with a previously reported fatality at Nevada Gold Mines in September, bring the total number of fatalities at its operations in 2025 to three.
The company stated it conducted full investigations into the incidents and has implemented safety measures in response.
Implications
Consolidating North American assets into a separately listed vehicle could crystallize a valuation for a major portion of Barrick’s portfolio while leaving the parent with a controlling position in the new company. The firm’s stronger-than-expected quarterly earnings and robust revenue were supported by higher gold prices and record output, and the board has continued to deploy capital to shareholders through buybacks and dividends.
At the same time, the company’s recent workplace fatalities and the investigations it described underscore operational and reputational considerations that the company has signaled it is addressing.