By Divya Rajagopal
Nov 10 (Reuters) – Canada’s Barrick Mining filed on Tuesday for the initial public offering of its North American business in New York, in what is seen as one of the most anticipated public offerings among gold miners in recent years.
American Barrick Gold will be listed on the New York Stock Exchange under the symbol ABGC, according to filings with the US Securities and Exchange Commission.
Goldman Sachs, BofA Securities and RBC Capital Markets are underwriters of the IPO, the filings said.
Mark Hill, who will be the CEO of American Barrick Gold, said on Monday that the IPO would be launched by early next year.
Barrick Mining, which is listed on the Toronto Stock Exchange, currently holds the company’s assets in North America as well as in Africa, Latin America and the Asia-Pacific. Under the proposed separation, Barrick Mining will own a majority of American Barrick Gold’s common stock after the IPO. Barrick Mining will receive an annual dividend of $1.2 billion that will be paid quarterly.
Reuters first reported last November that Barrick was considering splitting its business after its former CEO Mark Bristow left the company.
American Barrick will consist of Nevada Gold Mines and the Pueblo Viejo mine in the Dominican Republic, according to the filings. The SEC filings did not disclose the market capitalization of the new company, but the balance sheet of the North American company shows total book equity of $20.8 billion. Barrick Mining’s current market capitalization is roughly $65 billion.
On Tuesday, shares of Barrick closed down 5.61% on the Toronto Stock Exchange.
(Reporting by Divya Rajagopal in Toronto and Pritam Biswas in Bengaluru; Editing by Jamie Freed and Muralikumar Anantharaman)
