Barrick Gold Pledges $3 Billion Buyback Ahead of North American Asset IPO
Barrick Gold Corp. has announced a share repurchase program of up to US$3 billion as it prepares to spin off its North American assets through an initial public offering later this year. This strategic move, championed by Chairman John Thornton, aims to return capital to shareholders and narrow the performance gap with rival Newmont Corp., which recently announced a larger buyback plan. The announcement follows a historic rally in gold prices and Barrick's strong first-quarter results, which beat analyst expectations for both profit and output. Shares of Barrick rose nearly 3% in pre-market trading following the news. The planned IPO will include Barrick’s interests in Nevada Gold Mines, joint ventures in the Dominican Republic, and the Fourmile project in Nevada. This restructuring is part of a broader effort to reposition the company after operational challenges and leadership changes, including the departure of former CEO Mark Bristow. While Newmont has urged operational improvements before separation, Barrick maintains it can proceed with the IPO unilaterally, despite ongoing coordination efforts with its partner.
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Barrick Gold Pledges $3 Billion Buyback Ahead of North American Asset IPO
Barrick Gold Corp. has announced a share repurchase program of up to US$3 billion as it prepares to spin off its North American assets through an initial public offering later this year. This strategic move, championed by Chairman John Thornton, aims to return capital to shareholders and narrow the performance gap with rival Newmont Corp., which recently announced a larger buyback plan. The announcement follows a historic rally in gold prices and Barrick's strong first-quarter results, which beat analyst expectations for both profit and output. Shares of Barrick rose nearly 3% in pre-market trading following the news. The planned IPO will include Barrick’s interests in Nevada Gold Mines, joint ventures in the Dominican Republic, and the Fourmile project in Nevada. This restructuring is part of a broader effort to reposition the company after operational challenges and leadership changes, including the departure of former CEO Mark Bristow. While Newmont has urged operational improvements before separation, Barrick maintains it can proceed with the IPO unilaterally, despite ongoing coordination efforts with its partner.
Financial Post