en.Wedoany.com Reported - Barrick Mining, a leading global gold miner, is considering listing its African operations in London. Two sources familiar with the matter told Reuters that an all-share transaction with Endeavour Mining, already listed in London, is being considered as one option. The sources said discussions are at an early stage, no decisions have been made, and no announcement is expected in the near term. If a merger were completed, the new entity could have a market value of up to $30 billion.
Barrick and Endeavour Mining both declined to comment. One source said that under the options being explored, the Canadian-listed miner could retain its Toronto listing as a holding company, while holding shares in its New York-listed North American operations and a London-listed African business entity. Another source familiar with Barrick's operations noted that this move would replicate the company's approach 20 years ago, when it spun off its African operations and listed them in the UK under the name Acacia, before later reacquiring them.
Earlier this year, Barrick Mining planned to spin off its North American operations and pursue a primary listing in New York. CEO Mark Hill also stated that the company would seek to sell mines in African countries and regions where Barrick does not hold a majority stake but has management control, such as Papua New Guinea. Under the leadership of Chairman John Thornton and Hill, Barrick is seeking to exit regions it deems risky, while investors pursue higher returns. This push comes after the company resolved a year-long dispute with Mali's military junta, which had led to the dismissal of former CEO Mark Bristow.
London-listed Endeavour Mining, backed by billionaire Naguib Sawiris, has been seeking mining assets to grow its business. A banker specializing in mining mergers and acquisitions said Endeavour's presence in Africa makes it strategically suitable for Barrick's divestiture of remaining assets. Another banker argued that a merger with Barrick's African assets could expose Endeavour to new regions such as Tanzania and the Democratic Republic of Congo, but might also reintroduce exposure to Mali, a country Endeavour has exited and may be reluctant to re-enter. Sources said that after a period of operational and governance challenges, Endeavour has stabilized and is now open to considering larger deals. A source added that a merger between Endeavour, with a market value of approximately $15 billion, and Barrick's African assets could resemble a merger of equals, with little or no premium.
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