Barrick Mining Weighs Major Breakup as Board Considers Splitting Global Operations
Barrick Gold Considers Breaking Up Company: Possible Split of North American and African–Asian Assets
The board of Barrick Mining, one of the world’s largest gold producers, is exploring a plan to split the company into two separate entities—one focused on North America and the other on Africa and Asia—according to four sources familiar with internal discussions.
The potential restructuring could also involve the sale of Barrick’s African portfolio and the Reko Diq copper-gold project in Pakistan, once financing arrangements for the latter are secured, the sources told Reuters.
In Mali, Barrick is reportedly seeking to resolve its dispute with the country’s military-led government before moving forward with any sale. The company has faced heightened challenges in the region following a standoff over Mali’s new mining code.
A Barrick spokesperson did not immediately comment on the reports. Asked on Monday about a possible breakup, interim CEO Mark Hill said the company does not respond to market speculation.
Potential Reversal of the 2019 Randgold Merger
If executed, the move would effectively reverse Barrick’s 2019 merger with Randgold Resources, undoing a major strategic shift initiated by former CEO Mark Bristow, who brought in the company’s extensive African portfolio.
Sources caution that discussions are still ongoing and no final decisions have been made.
Strategic Shift Toward North America
One source told Reuters that refocusing on North American assets—particularly the Fourmile project in Nevada, one of the continent’s largest undeveloped gold deposits—could help Barrick avoid being undervalued in any future takeover attempt.
Although test production at Fourmile is not expected until 2029, comments from Hill earlier this week emphasizing a shift toward North America contributed to a ratings upgrade from analysts at Jefferies and other firms.
Following the Reuters report, Barrick shares rose 3% on the Toronto Stock Exchange on Friday.
Investor Pressure Amid Gold Price Rally
Despite a 130% surge in Barrick’s share price this year, investors argue that the company remains undervalued. Over the last five years, Barrick has gained 52%, significantly trailing competitors such as Agnico Eagle, which rose 142% over the same period.
Some investors have previously urged Barrick to create two divisions:
One holding stable assets such as Nevada and Fourmile
Another comprising higher-risk operations in Africa, Papua New Guinea, and Pakistan’s Reko Diq
Geopolitical Risk Shapes the Debate
As one of the few global gold miners operating across multiple continents, Barrick continues to face substantial political and regulatory risks.
Earlier this year, the company lost control of its Loulo–Gounkoto complex in Mali, its most profitable mine, after a dispute over mining taxes. The situation prompted a $1 billion write-off, the seizure of 3 metric tons of gold, and the appointment of a government administrator. Four Barrick employees remain imprisoned.
“There’s widespread belief that Nevada alone contains enormous value,” one investor said. If publicly listed independently, Nevada Gold Mines—Barrick’s joint venture with Newmont Corp.—would rank among the world’s highest-valued gold mining companies.
Barrick’s Global Footprint
Beyond Nevada and Mali, Barrick operates major mines including:
Copper: Democratic Republic of Congo
Gold: Tanzania, the Dominican Republic, Papua New Guinea
As strategic discussions continue, investors and industry analysts will be watching closely to see whether Barrick moves ahead with one of the most significant restructurings in its history.
