Barrick picks U.S. over Canada for primary stock listing of North American spinout
Barrick Mining Corp. has chosen the New York Stock Exchange as the primary listing venue for its upcoming spinoff of North American assets, which include the Fourmile project in Nevada, with a secondary listing planned in Toronto. The company has named a standalone executive team for the new entity, North American Barrick. It remains unclear whether the spinoff will be incorporated in the U.S. or Canada. Despite potential U.S. incorporation, the company could still qualify for Canadian stock indexes if it meets new eligibility criteria.
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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 for its primary stock listing for its upcoming North American spin off. Later this year, Barrick plans to spin off between a 10-to-15-per-cent stake in its North American mines, including its promising Fourmile discovery in Nevada. In a press release on Tuesday the company said that 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. Should it choose to incorporate North American Barrick in the U.S., there is a possibility the spinout could still qualify for inclusion in Canada’s major stock market indexes. S&P Dow Jones Indices earlier this month said it is considering foreign companies for inclusion in major Canadian indexes, as long as they are listed in Canada, and meet criteria around liquidity and size. Under the current rules, companies have to be domiciled and incorporated in Canada to be included in the index. Canada’s second-biggest gold company on Tuesday also announced a standalone executive team for North American Barrick with Tim Cribb named as chief operating officer and Wessel Hamman named as chief financial officer.
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