Barrick taps Goldman Sachs to lead IPO for North American mines

Barrick Mining (TSE: ABX) has tapped Goldman Sachs Group Inc. to lead an initial public offering of its North American assets, according to people familiar with the matter, as the company moves forward with plans to spin out its premier gold mines.

Michael Klein, a veteran dealmaker who founded advisory firm M. Klein & Co., is also advising on the transaction, the people said, asking not to be identified discussing confidential information.

The Canadian gold producer is exploring the listing as part of an effort to unlock value from its lucrative mines in the US and the Dominican Republic. The deal, which could value the North American assets at more than $60 billion, would separate the business from operations in more risky jurisdictions, including Mali and Pakistan.

Representatives for Barrick, M. Klein & Co. and Goldman Sachs declined to comment.

Details of the potential share sale — including its size, timing and valuation — are still being discussed and could change, the people said. Barrick told staff earlier this week it formed an executive leadership team for the new company, which consists of seven positions, Bloomberg reported on Tuesday.

Barrick’s connections to Goldman Sachs run through its chairman, John Thornton, a former president of the US financial firm. The Toronto-based gold producer has also worked closely with Klein, a prominent investment banker who previously served at Citigroup Inc. and was involved in Barrick’s 2019 takeover of Randgold Resources Ltd.

(By Jacob Lorinc)