Canada's Barrick Mining (B) is delaying the initial public offering (PO) of its North American gold business to 2027. The Toronto-based company had previously planned to complete the IPO by the end of this year. Barrick Mining CEO Mark Hill is slated to lead the North American unit after the IPO is completed, while Sebastian Bock will become CEO of the company's other operations.

Barrick Mining is working with Wall Street investment bank Goldman Sachs (GS) on the planned IPO. An exact reason for the IPO's delay has not been made public. But media reports say that preparations for the North American gold spinoff continue and details, including the timing of the offering, remain subject to change. B stock initially fell 2% after media reports of the IPO delay surfaced.

Opposition to the IPO

While a reason for the IPO's delay hasn't been provided, some of Barrick Mining's top investors have opposed Board Chair John Thornton's strategy of separating the North American gold mines from the rest of the company's operations and listing them in a newly created company. Thornton, who is himself a former Goldman Sachs banker, has pushed to separate Barrick's North American business since 2024.

In August of this year, Barrick reached an agreement to give Newmont Corp. (NEM) a stake in a Nevada gold project in exchange for its support for the planned spinoff and IPO of the North American gold business. The deal cleared a potential obstacle to the listing after Newmont threatened legal action against Barrick Mining over alleged mismanagement of the companies' Nevada mine joint venture.

B stock has risen 59% in the last 12 months.

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