en.Wedoany.com Reported - Toronto-based Barrick Mining Corporation announced a strategic pivot in February 2026, planning to spin off its North American gold assets through an initial public offering by the end of 2026. This move comes against the backdrop of the company's 2025 gold production dropping 17% year-on-year to 3.26 million ounces, hitting its lowest level in at least 25 years.
As one of the world's largest gold producers, Barrick Mining's business encompasses the exploration, mining, and sale of gold and copper, with assets spread across 18 countries on four continents. According to the company's 2025 financial report, its attributable gold production for the full year was 3.26 million ounces, in line with company guidance but a significant drop from approximately 3.9 million ounces in 2024. The production decline was primarily impacted by operational disruptions at the Loulo-Gounkoto gold mine complex in Mali. The mine's operations were suspended starting January 2025 due to a dispute with Mali's military junta over a new mining code and tax issues. In June, a provisional administrator was appointed by a Malian court to take over the mine, causing its annual production to plummet from 723,000 ounces the previous year to 36,200 ounces. The parties reached a settlement in November 2025, with Barrick regaining operational control, the Malian government returning the previously seized three tons of gold, and the mining license being extended by ten years. However, the dispute had already impacted the company's production ranking – in 2025, Barrick fell from the world's second-largest gold producer to third place, overtaken by Agnico Eagle.
Another driver for the strategic adjustment comes from the Reko Diq copper-gold project in Pakistan. This project is one of the world's largest undeveloped copper-gold deposits, with Barrick holding a 50% stake. The total budget for its two-phase development is estimated at approximately $8.9 to $9.6 billion. Due to escalating security risks in Balochistan, Barrick announced in April 2026 that it would slow the pace of the project's construction and extend the comprehensive review until mid-2027, warning that previous capital budget and timeline estimates could face significant increases.
In response to declining production and geopolitical risks, Barrick plans to spin off the Nevada Gold Mines joint venture (in partnership with Newmont Corp), its wholly-owned Fourmile exploration property, and the Pueblo Viejo mine in the Dominican Republic into a new company and pursue an IPO. The company stated that this move aims to unlock asset value, reduce exposure to high-risk jurisdictions, and prioritize focusing on "Tier One" assets – gold mines with long life, low costs, and high growth potential. Barrick forecasts its 2026 attributable gold production to be between 2.9 million and 3.25 million ounces. The company has not undertaken any major acquisitions since its merger with Randgold in 2019. This strategic pivot marks its return to the mergers and acquisitions track, with a focus on high-return, low-risk assets.
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