Barrick Gold Weighs U.S. Relocation for Greater Market Access
Toronto-based Barrick Gold (NYSE: GOLD; TSX: ABX) is considering relocating its corporate domicile from Canada to the United States, CEO Mark Bristow told The Globe and Mail.
The move could provide greater market efficiency, attract a wider investor base, and position the company for inclusion in the S&P 500 index, triggering automatic purchases by mutual funds and exchange-traded funds.
Barrick’s most significant asset is Nevada Gold Mines, a joint venture with Newmont (TSX: NGT; NYSE, ASX: NEM), in which Barrick holds a 61.5% stake.
It is the world’s largest gold-producing complex, expected to yield 1.54 to 1.7 million ounces of attributable gold in 2024—nearly half of Barrick’s total production.
The company is also developing Nevada’s Goldrush project, projected to produce 400,000 ounces annually by 2028, along with the Fourmile gold project.
In Canada, Barrick operates the Hemlo mine in Ontario, which has produced over 21 million ounces of gold in more than three decades. However, its 2025 production forecast is lower, at 140,000 to 160,000 ounces.
Bristow noted that a second Trump administration could ease the transition under its “America First” policies. However, relocating remains a complex, costly, and time-consuming process due to tax regulations.
While acquiring a major U.S. company could expedite the shift, Bristow stated there are currently few attractive acquisition targets.
Since taking over as CEO, Bristow has reduced Barrick’s Toronto headquarters staff from 130 to 65 and relocated its corporate domicile to British Columbia. While he resides in Mauritius, Barrick chairman John Thornton, who joined in 2012, is based in Palm Beach, Florida.
