Barrick Weighs London Listing for African Business as Potential Endeavour Mining Deal Emerges
Barrick Considers London Listing for African Operations Amid Potential Endeavour Mining Tie-Up
Barrick Mining is exploring a potential London listing for its African business, with an all-share transaction involving Endeavour Mining among the options under consideration, according to sources familiar with the matter.
The discussions remain at an early stage and no final decision has been made. Sources cautioned that there is no certainty a transaction will proceed, and no announcement is expected in the near term.
If completed, a combined African-focused entity could command a market capitalisation of around US$30 billion.
Neither Barrick nor Endeavour Mining commented on the reports.
One structure being evaluated would see the Canadian-listed gold producer retain its Toronto Stock Exchange listing as a holding company, while creating a separate Africa-focused business listed in London.
The proposed structure would allow investors to gain direct exposure to Barrick’s African assets through a dedicated vehicle while maintaining the company’s North American presence.
The move would echo Barrick’s strategy from two decades ago, when it spun off its African assets into a London-listed company, Acacia Mining, before later reacquiring the business.
Barrick has been reviewing its global portfolio as part of a broader strategic shift. Earlier this year, the company announced plans to separate its North American operations through a primary listing in New York.
Management has also indicated a willingness to divest assets in jurisdictions where Barrick does not hold majority ownership, despite maintaining operational control.
Under Chairman John Thornton and Chief Executive Officer Mark Hill, Barrick has been seeking to streamline its portfolio and reduce exposure to higher-risk jurisdictions, responding to investor demands for stronger returns and greater operational certainty.
The strategic review follows the resolution of a lengthy dispute with Mali’s military-led government, which had weighed heavily on the company’s African operations.
For Endeavour Mining, a transaction could represent a significant growth opportunity. The London-listed miner, backed by Egyptian billionaire Naguib Sawiris, has been actively pursuing opportunities to expand its footprint across Africa.
Industry observers note that Endeavour’s established presence on the continent makes it a logical partner for any restructuring of Barrick’s African assets.
However, a deal could also reintroduce exposure to Mali, a jurisdiction Endeavour previously exited and may be reluctant to re-enter.
Analysts suggest that a combination of Endeavour, currently valued at approximately US$15 billion, and Barrick’s African portfolio could resemble a merger of equals, potentially involving little or no takeover premium.
While discussions remain preliminary, any move would rank among the most significant developments in the global gold mining sector and could reshape the landscape of African gold production.
