Barrick says Newmont deal clears path for North American IPO
GOLD•Shares trade lower after the announcement
Barrick shares were trading down 8% on the Toronto Stock Exchange at 1:00 p.m. ET (1800 GMT).
Newmont deal clears the path for a North American IPO
Newmont consented to Barrick's planned initial public offering of its North American gold assets, the companies said in a news release, clearing the path for an IPO that Barrick expects to complete by the end of 2026.
Barrick is looking for a new CEO to run its non-North American business. CEO Mark Hill, who will become CEO of Barrick's North American entity, said his personal preference would be for an internal candidate.
Barrick owns 61.5% and Newmont 38.5% in the Nevada Gold Mines joint venture. Earlier this year, Reuters reported that Barrick will need Newmont's approval to move ahead with its proposed North American spin-off, because Newmont has the first right of refusal if Barrick tries to sell its stake.
