One of the world’s three largest gold producers will not be buying into Barrick Mining’s upcoming spinoff listing. Agnico Eagle CEO Ammar Al-Joundi stated that participating in the North American IPO doesn’t make strategic sense. However, he didn’t rule out that his company might someday be interested in its rival’s Nevada assets, should Barrick itself decide to sell them.
The listing is designed to spin off Barrick’s North American portfolio into a separate entity and unlock its value. Analysts have long viewed the move as a potential catalyst for the company’s stock, which has suffered for years from budget overruns and missed profit targets.
The new company would include Barrick’s stakes in Nevada Gold Mines and Pueblo Viejo, along with the wholly-owned Fourmile deposit in Nevada. In 2025, these assets produced roughly two million ounces of gold. Barrick emphasizes that the spun-off entity would get independent management and greater flexibility, while also separating from operations in riskier jurisdictions like Mali and Pakistan.
Al-Joundi explained the decision simply: Agnico Eagle has its own business, which is performing excellently. He stressed that the decision isn’t about valuation or deal attractiveness, but strategic logic. Should Barrick wish to sell its Nevada assets outright, any decision would depend on the boards and management of both companies.
The listing’s timeline remains unclear. Bloomberg reported in early September that Barrick is considering pushing the IPO back to 2027, though it had originally aimed to complete it by the end of 2026. Jefferies analysts have previously noted that a standalone company would be attractive to major players like Newmont and Agnico Eagle due to its smaller size and lack of non-core assets in difficult regions.
Agnico Eagle’s refusal doesn’t derail Barrick’s plans, but it narrows the pool of potential large buyers. The North American business IPO remains a plan with an uncertain timeline, and the idea of an independent Nevada-based gold producer is a storyline that likely won’t be resolved before next year.
Source: Reuters
Image: Barrick Mining
