Alternative scenarios include direct sales of African holdings and the Reko Diq project in Pakistan once funding is arranged, the sources indicated. In Mali, efforts continue to address an ongoing issue with local authorities prior to any divestment.
A company representative did not provide immediate feedback on inquiries. Interim CEO Mark Hill, questioned on Monday regarding separation rumors, stated that speculation is not addressed.
Discussions remain active without finalized decisions, the sources noted.
Such restructuring would effectively unwind the 2019 combination with Randgold Resources and release assets associated with former leader Mark Bristow.
Emphasis on North America, particularly the Fourmile gold deposit in Nevada, would help maintain appropriate valuation amid possible acquisition interest, one source explained. Test output at Fourmile is scheduled to begin in 2029.
Hill mentioned this week a strategic shift toward North American priorities, leading to positive share assessments from Jefferies analysts and others. Barrick's Toronto-listed stock increased 3% on Friday after related coverage.
Market participants have noted that the company's shares trade below potential and urged measures to capitalize on elevated gold values. This year, Barrick shares rose 130%, yet over five years, the gain reached 52%, compared to 142% for Agnico Eagle.
Suggestions from stakeholders previously included separating established sites like Nevada and Fourmile from higher-risk locations in Africa, Papua New Guinea, and Reko Diq, one individual recalled.
As a miner with operations across continents, Barrick faces exposure in variable operating environments, observers point out.
This year, management of the Loulo-Gounkoto complex in Mali, its top-earning site, transferred, resulting in a $1 billion adjustment. A disagreement on mining fiscal terms prompted retention of three metric tons of gold and appointment of an interim overseer. Four staff members remain in custody under local oversight.
"There has been a view that there is a lot of value in Nevada," said one Barrick investor. If the Nevada operations were independently listed, it would rank among the largest gold mining entities by market value, the investor added, requesting anonymity due to disclosure restrictions.
Historically, the company avoided division, as remaining assets would hold limited appeal without Nevada, the investor continued. The Nevada complex operates jointly with Newmont.
Beyond Nevada and Mali, active sites encompass copper production in the Democratic Republic of Congo, gold extraction in Tanzania, the Dominican Republic, and Papua New Guinea.
This strategic review reflects efforts to optimize portfolio structure for enhanced shareholder returns. North American focus leverages stable jurisdictions and high-quality reserves, while international holdings offer growth but require careful management.
The Fourmile project represents a Tier One asset with significant undeveloped potential, capable of supporting long-term output. Its development timeline allows for phased investment aligned with market conditions.
Share performance this year benefits from gold price strength, yet comparative metrics highlight opportunities for improved capital allocation. Analysts' upgrades signal confidence in the regional reorientation.
Investor dialogue emphasizes unlocking embedded value through organizational clarity. A streamlined North American entity could attract premium multiples reflective of lower operational risks.
Conversely, an international unit would consolidate diverse geographies, enabling targeted strategies for each context. Potential sales provide liquidity for reinvestment or debt reduction.
Resolution in Mali remains a priority to facilitate orderly transitions. Constructive engagement with host governments supports sustainable outcomes.
Barrick's global footprint includes partnerships that distribute expertise and costs. The Nevada joint venture exemplifies successful collaboration in resource development.
As evaluations proceed, board guidance will incorporate financial modeling, tax implications, and stakeholder input. Any changes aim to position each segment for independent success.
Market reactions demonstrate support for actions that address valuation discrepancies. Continued gold market momentum could influence timing and structure.
Ultimately, the process underscores adaptive governance in response to industry dynamics and investor expectations. Decisions will balance growth prospects with risk mitigation across the enterprise.
