Barrick Gold Explores London Listing to Unlock $33B African Asset Value
B•Barrick Gold is evaluating a London Stock Exchange listing for its African business, potentially via an all-share combination with Endeavour Mining or a standalone LSE vehicle. Its African portfolio carries an estimated net asset value of $33 billion (30% of total NAV), rising to $35 billion with Porgera included.
1. Strategic Review Objectives
In its strategic review, Barrick Gold is assessing options to separate its African assets via a London Stock Exchange listing or through an all-share combination with Endeavour Mining to sharpen focus on North American operations and unlock embedded asset value.
2. African Asset Valuation
Estimates place the combined net asset value of Barrick’s African portfolio at approximately $33 billion (30% of total NAV), increasing to $35 billion if the Porgera mine is included, underscoring significant valuation potential.
3. North American Restructuring
The company plans to house North American gold assets, representing about 54% of total NAV (roughly $58.6 billion unlevered), in a separate listed entity while retaining majority control, aiming for a cleaner corporate structure.
4. Potential Listing and Transaction Structures
Options include a standalone UK-listed African entity, an all-share merger with Endeavour Mining to form an LSE-listed platform, or a holding company retaining stakes in both regional entities, designed to attract European investors comfortable with African exposure and enhance liquidity.
