Barrick Stockpiles Leadership for $60 Billion Spin-Off as Newmont Looms Over the Deal

Barrick Mining has moved decisively from blueprint to execution, naming a full seven-person leadership team for the North American gold company it plans to spin off and list by the end of 2026. The appointments — spanning finance, operations, legal, and sustainability — signal that the IPO has cleared the planning stage and entered active preparation.

Wessel Hamman will serve as chief financial officer, while Tim Cribb takes the role of chief operating officer. The remaining five executives cover everything from corporate governance to environmental strategy, filling out a management slate designed to convince investors the new entity can stand on its own.

The vehicle, internally referred to as “North American Barrick,” will house four Tier-One mining complexes: Carlin, Cortez, and Turquoise Ridge in Nevada, plus the Pueblo Viejo mine in the Dominican Republic. Together, these operations produced roughly two million ounces of gold last year on a Barrick-attributable basis. The package also includes the Fourmile project in Nevada, which the company describes as one of the most significant gold discoveries of the century.

Market estimates peg the spin-off’s value at more than $60 billion. Barrick intends to retain a majority stake, with the free float set at 10% to 15% of shares.

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But the transaction is far from straightforward. Newmont holds nearly 39% of the Nevada Gold Mines joint venture and a 40% stake in Pueblo Viejo. While Barrick can technically push ahead with the IPO on its own, it is working closely with Newmont to maximize value for both sides. The timeline for folding Fourmile into the new company also depends on that coordination.

The relationship between the two mining giants has grown strained. Newmont has publicly criticized Barrick’s management of the Nevada operations, where production has slipped and costs have risen in recent years. The partner has previously signaled interest in acquiring the Nevada assets outright and believes the spin-off requires its consent. Barrick is trying to structure the deal so that it does not trigger a change of control, which would activate Newmont’s contractual right of first refusal. Since Barrick plans to keep up to 90% of the shares even after the listing, some market observers question how independent the new company will really be.

The restructuring push comes amid mounting pressure from activist investors. Elliott Management has been agitating for change after Barrick missed earnings targets, and the company is still searching for strategic direction following the abrupt departure of long-time CEO Mark Bristow last September.

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Operationally, the calendar is tight. Barrick holds its annual general meeting on May 8 — a fully virtual event — and will release first-quarter results three days later on May 11. The company expects full-year gold production of 2.9 million to 3.25 million ounces, with the first quarter likely the weakest. Copper output is forecast at 192,000 to 220,000 tonnes. The AGM, quarterly numbers, and the ongoing IPO process all fall within a narrow window, and how Barrick communicates across these three fronts will shape market sentiment toward the spin-off in the weeks ahead.

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