(Photo illustration by Cheng Xin/Getty Images)Getty ImagesDeal OverviewBarrick Mining Corporation (NYSE: B, $40.91; Market Capitalization: ~$69.0 billion), one of the world’s largest gold and copper producers, has announced plans to evaluate an Initial Public Offering (IPO) of North American assets. The company will form a subsidiary that will house its highest-quality North American gold assets. The proposed entity (NewCo) will operate as a distinct, publicly traded vehicle anchored by Barrick’s 61.5% inte ...

Key Takeaways Barrick's Q3 profits rose on higher gold prices, but cash costs and AISC increased year over year.Lower production, partly from the Loulo-Gounkoto suspension, contributed to higher unit costs.Barrick's projected 2025 cash costs and AISC signal a year-over-year increase at the midpoint.Barrick Mining Corporation’s (B) third-quarter profits jumped on higher gold prices, but higher unit costs remained a drag.  Its cash costs per ounce of gold and all-in-sustaining costs (AISC) — a critical cost m ...

Core Viewpoint - Elliott Investment Management has taken a position in Barrick Mining and is advocating for the separation of North American assets from its higher-risk operations in Asia and Africa, which the Barrick board is now exploring [3][9][10]. Company Overview - Barrick Mining, formerly Barrick Gold Corporation, is a global mining company primarily focused on gold and copper production, with operations in various countries including Argentina, Canada, and the Democratic Republic of Congo [1][4]. - The company operates 14 gold mines and three copper mines, with significant assets in North America, particularly the Nevada Gold Mines joint venture with Newmont [4]. Recent Performance - Barrick's stock has more than doubled in the past six months, yet it trades at a price to net asset value ratio of 0.9, which is below its North American peers [5]. - The price of gold has increased by over 70%, contributing to Barrick's stock appreciation of more than 100% [10]. Management Changes - The abrupt departure of Barrick's CEO in September led to the appointment of Mark Hill as interim CEO, creating opportunities for activist investors like Elliott to influence the selection of a new CEO [6][7]. - The interim CEO status allows for the exploration of strategic alternatives, including the potential breakup of the company [8]. Strategic Considerations - Separating North American operations from higher-risk regions could help close the valuation gap between Barrick and its peers, such as Agnico Eagle, which trades at approximately 1.5 times its net asset value [9][10]. - Management has indicated that applying a peer-like multiple to Barrick's North American assets could unlock up to 49% of unrealized value [10]. Activist Investor Dynamics - Elliott Investment Management is known for its thorough due diligence and has likely held a position in Barrick for several months, benefiting from the recent stock appreciation [2][12]. - The presence of Elliott is expected to influence the board's decisions regarding the new CEO and the potential breakup of the company [11].

Core Insights - Barrick Mining Corporation has experienced a significant stock price increase of approximately 154% year-to-date in 2025, driven by rising gold and copper prices, strong operational performance, and strategic pivots that have regained investor trust [2][3][10] Group 1: Market Performance and Drivers - The surge in Barrick's stock is attributed to a combination of high commodity prices and effective corporate strategies, indicating a long-term growth outlook [2][3] - Gold prices have dramatically increased in 2025, leading to higher profit margins despite production challenges, while copper production is also rising, contributing to revenue diversification [3][4] Group 2: Financial Performance - In Q3 2025, Barrick reported gold production of approximately 829,000 ounces and copper production of 55,000 tonnes, generating revenues of US$4.1 billion, operating cash flow of US$2.4 billion, and free cash flow of US$1.5 billion [5] - The board has expanded its share buyback program by adding US$500 million to an existing US$1 billion authorization, reflecting strong cash generation and a commitment to returning value to shareholders [5] Group 3: Strategic Developments - Barrick's proven and probable gold reserves increased to 89 million ounces by the end of 2024, up from 77 million ounces in 2023, alongside growth in copper reserves and project development [6] - The company is exploring the feasibility of an IPO for its North American gold assets, which could create a more focused gold entity and unlock shareholder value [7] Group 4: Future Outlook - Sustained high metal prices and disciplined capital allocation could drive further gains for Barrick, with ongoing buybacks and potential increased dividends benefiting investors [8] - Successful execution of growth projects and reserve replacement could amplify long-term value beyond current commodity price cycles [8]

Key Takeaways Barrick has soared 101.1% in 6 months, beating industry and S&P 500 gains on record gold price momentum.Key growth projects like Goldrush, Lumwana and Reko Diq aim to boost long-term gold and copper output.Rising costs and tepid 2025 production outlook may weigh on margins despite strong earnings forecasts.Barrick Mining Corporation’s (B) shares have rocketed 101.1% in the past six months, thanks to the rally in gold prices to historic highs amid economic, geopolitical and tariff-related uncer ...

Key Takeaways Barrick completes the $305M sale of Tongon mine interests and exploration properties to Atlantic Group.The deal brings $192M cash and up to $113M in contingents tied to gold prices and resource conversions.Barrick will use the proceeds to bolster its balance sheet and deliver returns following the delayed closing.Barrick Mining Corporation (B) announced the completion of the divestment of its interests in the Tongon gold mine, along with a few of its exploration properties in Côte d’Ivoire, to ...

Tongon mine in Côte d’Ivoire. Image supplied by Appian. Appian Capital Advisory said on Wednesday it has provided a $150 million financing package to support the Atlantic Group’s buyout of a West African gold mine from Barrick Mining (TSX: ABX, NYSE: B).In October, Atlantic Group — one of Africa’s leading private diversified holding companies — announced that it would acquire Barrick’s interest in the Tongon mine in Côte d’Ivoire in a deal worth up to $305 million. The transaction closed earlier this week, ...

Financial giants have made a conspicuous bearish move on Barrick Mining. Our analysis of options history for Barrick Mining (NYSE:B) revealed 12 unusual trades.Delving into the details, we found 25% of traders were bullish, while 58% showed bearish tendencies. Out of all the trades we spotted, 2 were puts, with a value of $220,643, and 10 were calls, valued at $465,978.Expected Price MovementsAfter evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a ...

Core Insights - The article discusses Barrick Mining Corporation, highlighting initial skepticism from the market regarding the company's risks and potential [1] Group 1: Company Overview - Barrick Mining Corporation was first analyzed in late June, indicating a focus on its market evaluation and associated risks [1] Group 2: Analyst Background - The author is an economist and independent investor from Argentina, emphasizing a macroeconomic perspective in company valuation [1] - The investment approach combines deep value with a long-term perspective, focusing on underfollowed names and structural stories in leading companies [1]

Key Takeaways B is exploring an IPO for NewCo that will hold its North American gold assets.The IPO would list a small minority interest while B keeps a significant controlling stake.NewCo will be anchored by Nevada Gold Mines, Pueblo Viejo and the Fourmile discovery.Barrick Mining Corporation (B) announced the authorization of its board to explore an initial public offering (IPO) for its subsidiary, NewCo, that will hold its North American Gold Assets. The IPO will unlock the value of the assets by creatin ...