Barrick names key executives for North American unit post-IPO
Barrick Mining Corp. has selected the U.S. for the primary stock listing of its upcoming North American spinoff, which is a setback for Canadian capital markets. The new unit, North American Barrick, will include a stake of 10 to 15 percent in its North American mines. Barrick aims to enhance its stock market valuation by focusing on its lower-risk North American operations.
- ▪Barrick Mining Corp. will list its North American spinoff primarily in New York.
- ▪The spinoff will include a stake of 10 to 15 percent in its North American mines.
- ▪Barrick's decision highlights the decline of Canadian capital markets in the mining sector.
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ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountBarrick Mining Corp. ABX-T has chosen the United States over Canada as the site of its primary stock listing for its coming North American spinoff, dealing a blow to Canada’s capital markets. Later this year, Barrick plans to spin off a stake of between 10 to 15 per cent in its North American mines, including its promising Fourmile discovery in Nevada. In a press release on Tuesday the company said that the new standalone unit, North American Barrick, is expected to have its primary listing in New York, with a secondary listing in Toronto. It is unclear where North American Barrick will be domiciled. George Joannou, chief development officer with Barrick, declined to comment on the matter.
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