Barrick files paperwork in U.S. for public offering of its North America business

Résumé détaillé

Proposed IPO is a key part of Canadian gold miner’s strategy to win back investor approval after years of underperformance

Barrick Mining Corp. ABX-T has filed paperwork with the U.S. Securities and Exchange Commission for its initial public offering of its North American business.

Toronto-based Barrick said on Tuesday in a press release after the market closed that it had filed its S-1 form with the U.S. regulator.

The number of shares and the proposed price range for the IPO have not yet been determined.

On Monday, Barrick chief executive Mark Hill said in a conference call that after the filing of the S-1, the SEC will provide feedback to the company and the timing of the IPO will be either later this year or early next year.

The proposed IPO of 10 per cent of the North American business is a key part of the Canadian gold miner’s strategy to win back investor approval after many years of underperforming industry peers. Barrick has already announced a management split, with Mr. Hill poised to run the North American unit and Sebastiaan Bock leading Barrick International, the company’s operations outside North America.

The unit will be listed on the New York Stock Exchange under the ticker symbol ABGC, Barrick said on Tuesday.

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