Barrick Gold Considers London Listing for $33B African Assets and Endeavour Deal
GOLD•Barrick Gold is exploring a London Stock Exchange listing for its African business and an all-share combination with Endeavour Mining to create an LSE-listed Africa-focused vehicle. Its African assets hold about $33 billion NAV ($19.58/share), or $35 billion ($21.13/share) including Porgera, versus $58.6 billion NAV in North America.
1. Strategic Review of African Businesses
Barrick's board has initiated a review of its African operations, weighing a standalone London Stock Exchange listing or an all-share combination with Endeavour Mining to form an LSE-listed Africa-focused platform. Discussions remain early stage with no certainty of a transaction or near-term announcement.
2. Listing and Transaction Structures
Options under consideration include a separate London-listed African entity, an all-share merger of Barrick’s African assets with Endeavour, or a holding company structure that retains stakes in both a North American entity and a London-listed African vehicle.
3. Asset Valuation Comparison
Barrick’s African assets carry about $33 billion NAV ($19.58/share), rising to $35 billion ($21.13/share) including the Porgera mine, representing around 30% of total NAV. North American assets account for approximately $58.6 billion NAV, or 54% on an unlevered basis.
4. North American Spin-Off Plans
In parallel with the African strategy, Barrick plans to house its North American gold assets in a separate, cleaner listed entity under majority control. This restructuring aims to unlock value through a sum-of-the-parts valuation framework.
