BARRICK Mining has filed for a US listing of its North American gold business, advancing a major restructuring despite opposition from some of its largest shareholders, Reuters reported.
The new company, American Barrick Gold Corporation, will include Barrick's joint-venture interests in Nevada and the Dominican Republic.
It plans to list on the New York Stock Exchange under the ticker ABGC, according to documents filed with the US Securities and Exchange Commission on Tuesday.
The number of shares to be offered and the proposed price range have not yet been determined. Proceeds will go to Barrick, which intends to return the funds to shareholders.
Barrick previously indicated it would sell between 10% and 15% of the business while retaining voting control.
American Barrick plans to pay an annual base dividend of $1.25bn in quarterly instalments. Additional free cash flow could be distributed through special dividends once investment and funding targets have been met.
The listing forms part of a broader overhaul led by chairman John Thornton following operational setbacks, declining gold production and the departure of former CEO Mark Bristow last year.
However, the proposed separation has drawn opposition from major investors concerned about Barrick relinquishing part of its most valuable assets.
American Barrick's incoming CEO, Mark Hill, has indicated that the offering could launch by early 2027.