TORONTO (Reuters) — Canada’s Barrick Mining is examining a potential restructuring that could see the company split into two distinct businesses, one centered on North America and the other on Africa and Asia, according to four people familiar with internal discussions.
Possible Asset Sales Including Reko Diq
The plan under review may also involve selling off certain assets, including Barrick’s operations in Africa and Pakistan’s Reko Diq copper‑gold project, once financing for the latter is secured. In Mali, the company is seeking to resolve a dispute with the country’s military government before moving ahead with any divestment, the sources said.
Company Response and Leadership Position
Barrick has not issued an official statement. Interim CEO Mark Hill, when asked earlier this week about the possibility of a breakup, declined to comment on speculation. Talks remain ongoing and no final decision has been made.
Strategic Shift Toward North America
If pursued, the move would effectively unwind Barrick’s 2019 merger with Randgold Resources and shed assets acquired under former CEO Mark Bristow. The company’s renewed emphasis on North America — particularly Nevada’s Fourmile deposit, a major undeveloped gold mine — is seen as a way to protect its valuation against potential takeover bids, one source noted. Test production at Fourmile is not expected until 2029.
Market Reaction and Investor Sentiment
Hill recently signaled a strategic pivot toward North America, a shift that prompted analysts at Jefferies and other firms to upgrade Barrick’s stock rating. Following a Reuters report on the possible restructuring, Barrick shares rose 3 percent on the Toronto Stock Exchange on Friday.
Despite a 130 percent surge in Barrick’s share price this year, investors argue the company remains undervalued compared to peers. Over the past five years, Barrick’s returns have lagged behind rivals such as Agnico Eagle, which gained 142 percent in the same period, while Barrick advanced 52 percent.
Investor Push for a Split
Some investors have long advocated for a split, suggesting one division focused on stable assets like Nevada and Fourmile, and another managing higher‑risk holdings in Africa, Papua New Guinea, and Pakistan’s Reko Diq. Barrick’s global footprint has exposed it to political volatility, particularly in Africa.
Challenges in Mali and Political Risks
Earlier in 2025, Barrick lost control of its most profitable mine, Loulo‑Gounkoto in Mali, after a dispute over the country’s new mining tax code. The standoff led to the seizure of three metric tonnes of gold, a $1 billion write‑off, and the appointment of a provisional administrator. Four Barrick employees remain in custody.
Nevada’s Value to Barrick
“There’s a strong view that Nevada holds immense value,” one investor said, adding that if the Nevada mine were listed independently, it would rank among the world’s largest gold companies by market capitalization.
Barrick has resisted restructuring in the past, with critics arguing that without Nevada, the company’s remaining portfolio lacks comparable strength. The Nevada operations are jointly managed with Newmont Corp.
Global Portfolio Beyond Nevada and Reko Diq
Beyond Nevada and Mali, Barrick’s portfolio includes copper mines in the Democratic Republic of Congo and gold projects in Tanzania, the Dominican Republic, and Papua New Guinea.
Input from Reuters
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