The world’s largest gold producer, Barrick Gold, is embarking on a significant corporate reorganization. The Canadian mining giant has announced plans to spin off its premier North American assets through an initial public offering, a strategic move that is generating considerable speculation within the industry about potential multi-billion dollar acquisitions.
Strategic Focus and Record Performance
This restructuring is being executed from a position of strength, following record quarterly results delivered in Q3 2025. The company’s strategy is clear: to sharpen its focus on tier-one gold and copper assets while divesting non-core holdings. This portfolio optimization has accelerated in 2025, with announced divestments totaling approximately $2.6 billion.
Recent transactions include the sale of the Hemlo mine for up to $1.09 billion and the December 2nd divestment of its stake in the Tongon gold mine in Côte d’Ivoire to the Atlantic Group. The Tongon deal is expected to yield up to $305 million, comprising $192 million in cash with the remainder contingent on performance.
The Crown Jewels: A New Premium Entity
On December 1, 2025, Barrick’s board of directors unanimously approved preparations for an IPO of its North American gold operations. The new entity would consolidate Barrick’s interests in the prolific Nevada Gold Mines and the Pueblo Viejo operation, alongside its wholly-owned Fourmile project in Nevada.
Mark Hill, Group Chief Operating Officer, emphasized the quality of these assets, stating that Barrick’s gold operations in Nevada and the Dominican Republic rank among the world’s finest. The Fourmile discovery, noted as one of the most significant gold finds this century, is anticipated to elevate the new unit into an exceptional class.
Should investors sell immediately? Or is it worth buying Barrick Mining?
Market analysts estimate the spun-off company’s annual production at roughly 2 million ounces of gold, with a total valuation projected between $40 and $50 billion. Barrick intends to retain majority control post-IPO, with further details scheduled for release during its annual results presentation in February 2026.
Market Reaction and Acquisition Speculation
The proposed spin-off has immediately sparked takeover speculation, influencing analyst ratings and price targets. Analysts at Jefferies have identified the new entity as a potentially attractive acquisition target for industry leaders Newmont Corporation and Agnico Eagle Mines.
This sentiment has prompted several rating upgrades. Shane Nagle of National Bank Financial raised his assessment on Barrick’s stock from “Sector Perform” to “Outperform,” citing likely acquisition interest as a key factor. On December 5th, BNP Paribas Exane followed suit, lifting its rating from “Neutral” to “Outperform” with a price target of $50 per share, implying an upside of approximately 22%. UBS Group also increased its price target, moving from $39 to $47.
Currently, institutional investors hold about 90.8% of Barrick’s outstanding shares. The coming months will reveal whether this corporate overhaul culminates in one of the mining sector’s most substantial transactions in recent years.
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