Barrick filed to list its North American mines, which produced 497,000 of its 816,000 gold ounces in Q3, and sale proceeds would go to Barrick. It keeps troubled projects, and recent sales and profit missed estimates as mining costs rose, so the effect remains mixed.
The cash could help Barrick fund its remaining work, and the new company would hold its North American mines. But the filing does not set the sale size or price. Barrick also keeps operations facing delays and asset problems, and its latest sales and profit missed estimates as mining costs rose.
Newmont received a stake in Fourmile and supported Barrick's IPO. The added interest in a Nevada gold discovery gives Newmont a direct asset benefit.
Follow Barrick Mining Corp. (B) free. When we publish a story about it, you get the plain-English explanation as an alert.
Get alerts for B