Barrick believes agreement with Newmont paves the way for North American IPO
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((Automated translation by Reuters using machine learning and generative AI, please refer to the following disclaimer: https://bit.ly/rtrsauto)) (Update to note that earnings estimates were updated in paragraph 4 of the previous version of the article, following data revision by LSEG; no changes were made to the body of the text) * Barrick and Newmont reach agreement to settle disputes concerning Nevada Gold Mines * Barrick expects its North American IPO to be finalized by end of 2026 * Barrick is looking for a new CEO to lead its activities outside North America Barrick Mining ABX.TO announced a rise in its second-quarter profit, supported by higher gold prices, and reached a $1.95 billion agreement with Newmont to settle disputes concerning Nevada Gold Mines. Newmont NEM.N has agreed to Barrick's plan to IPO its North American gold assets, the two companies said, paving the way for an IPO that Barrick expects to complete by the end of the year. Barrick is looking for a new CEO to lead its activities outside North America. CEO Mark Hill, who is expected to head the company's North American subsidiary, said he would prioritize an internal candidate. The Canadian gold mining group met analysts' profit forecasts of 82 cents, according to data compiled by LSEG. It reported a profit of $1.22 billion, or 73 cents per share, for the quarter ended June 30, compared to $811 million...
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Under the terms of the agreement announced Monday, Barrick will transfer its Fourmile project to the Nevada Gold Mines joint venture, while Newmont will transfer its Mike and Fiberline projects and pay Barrick $1.95 billion in cash within 30 days.
