The world’s largest gold producer, Barrick Gold, has reported its strongest financial performance to date while simultaneously unveiling a major corporate restructuring plan. The company intends to separate its North American assets into a new, publicly traded entity. This strategic pivot is set to deliver enhanced shareholder returns and a more concentrated operational footprint.
Strategic Shift: A New North American Entity
In a significant strategic development, Barrick Gold is preparing to launch an initial public offering (IPO) for its North American gold operations. The new company will consolidate key assets including Nevada Gold Mines, the Pueblo Viejo mine in the Dominican Republic, and the Fourmile project in Nevada. Barrick plans to retain a majority stake in the spun-off business, with the public listing currently scheduled for the final quarter of 2026.
This restructuring coincides with the permanent appointment of Mark Hill as Chief Executive Officer. Hill, who had been serving in an interim capacity following the departure of Mark Bristow, has now been confirmed in the role on a permanent basis.
Record Financials Drive Enhanced Shareholder Returns
Barrick’s full-year 2025 results showed revenues of $16.96 billion and earnings per share of $2.93. The fourth quarter was particularly robust, with EPS reaching $1.43. Production metrics met guidance, with gold output at 3.26 million ounces and copper production at 220,000 tonnes for the year.
Should investors sell immediately? Or is it worth buying Barrick Mining?
In response to these record figures, the Board of Directors has implemented a revised dividend policy. Going forward, the company will target a payout of 50% of its attributable free cash flow to shareholders. This consists of a fixed quarterly dividend of $0.175 per share, supplemented by a performance-linked bonus distribution at year-end. A Q4 dividend of $0.42 per share has already been declared. Total shareholder returns for 2025 amounted to approximately $2.39 billion, which includes $1.5 billion in share buybacks. The company also generated a record quarterly operating cash flow of $2.73 billion in Q4.
Cautious Guidance for the Coming Year
Looking ahead to 2026, Barrick has provided production guidance anticipating gold output between 2.90 and 3.25 million ounces. Copper production is forecast to be in the range of 190,000 to 220,000 tonnes. However, the outlook contains an element of uncertainty regarding the Reko Diq project in Pakistan. Company management is reviewing its approach to the venture due to escalating security concerns in the region.
These announcements come during a period of heightened volatility in the gold market, which remains highly sensitive to geopolitical and macroeconomic developments. The proposed corporate separation is viewed as a move to allow Barrick to better capitalize on the distinct growth profiles of its different regional portfolios and potentially unlock shareholder value.
Ad
Barrick Mining Stock: Buy or Sell?! New Barrick Mining Analysis from February 8 delivers the answer:
The latest Barrick Mining figures speak for themselves: Urgent action needed for Barrick Mining investors. Is it worth buying or should you sell? Find out what to do now in the current free analysis from February 8.
Barrick Mining: Buy or sell? Read more here...
