Barrick Just Delayed Its Biggest Move in Years. Gold Isn’t Why.

Published: 09-03-2026, 09:43 am | Updated: 09-03-2026, 09:53 am

Barrick Mining just walked back a promise its own CEO made three weeks ago. Gold prices had nothing to do with it.

Gold is trading in the $4,430 to $4,500 range today. That’s roughly 19 to 21% below January’s record of $5,589.38 an ounce. Meanwhile, Barrick, the world’s third-largest gold producer, is reportedly pushing back the IPO of its North American gold business. The new target is 2027, not the end of this year. Bloomberg first reported the delay Wednesday, citing a person familiar with the matter.

Why Is Barrick Delaying Its Gold IPO to 2027?

That timeline slip breaks a specific commitment. Barrick CEO Mark Hill told analysts on the company’s August 10 earnings call that the IPO remained on track for this year. Hill is set to run the new North American entity once it lists. Meanwhile, Sebastiaan Bock takes over Barrick’s remaining global operations. Barrick is also working with Goldman Sachs on the deal, and it’s in talks with additional banks, according to the report. Preparations are continuing, so the timing could still change.

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Why Did the Newmont Settlement Fail to Save the Year-End Timeline?

The obstacle Barrick spent all summer clearing wasn’t the one that ended up mattering. In August, Barrick and Newmont settled a months-long dispute over their shared Nevada Gold Mines joint venture. Under the deal, Newmont agreed to pay Barrick $1.95 billion in cash. Newmont also folded its Fiberline and Mike projects into the venture, while Barrick contributed its Fourmile discovery. Critically, Newmont formally consented to the IPO too, clearing what had looked like the biggest legal roadblock in its way. Even so, Barrick shares fell more than 9% intraday that day. The stock closed down 6.45% at C$57.03, because analysts including RBC’s Josh Wolfson argued Barrick had under-priced Fourmile in the exchange.

Why Are Barrick’s Shareholders Fighting Chairman John Thornton?

So Newmont’s blessing turned out to be the easy part. The harder problem sits inside Barrick’s own boardroom. Major shareholders, including Van Eck Associates, Mackenzie Financial, and Franklin Equity Group, have separately told the company they oppose Chairman John Thornton’s plan to split off the crown-jewel North American mines. In fact, Mackenzie portfolio manager Benoit Gervais went further in early August. His firm ranks among Barrick’s ten largest holders, and he told Bloomberg on the record: “If you ask me, it would be nice to have a graceful exit of this current chairman and have someone else come in.” Additionally, investors have separately estimated the carve-out could dilute their exposure to Barrick’s best assets by as much as 15%. That’s because a minority stake in the new entity would be sold to outside IPO buyers.

How Long Has Barrick’s Governance Crisis Been Building?

This governance strain isn’t new, either. It has been building for a year. Thornton had reportedly been expected to step down after recruiting former Shell CEO Ben van Beurden as lead independent director, a move read internally as succession planning. However, Van Beurden resigned roughly three months into the role. Instead of exiting, Thornton pushed out longtime CEO Mark Bristow and installed Hill. Then he brought Goldman Sachs into a November board meeting to advance the IPO, without telling other directors in advance, according to Bloomberg’s reporting.

Did the Stock Market Actually Panic Over the Delay?

Here’s the second corner most coverage of this story is missing: the market barely panicked. When the delay report landed, Barrick shares dipped roughly 2% intraday. They then largely recovered as the session wore on, according to one market commentary tracking the move. That reaction doesn’t read like a market that thinks the deal is dying. Instead, it reads like a market that sees a one-year slip as Thornton buying time to rebuild shareholder support. Meanwhile, Barrick’s operating business kept delivering the whole time. Second-quarter net earnings hit $1.2 billion, up roughly 50% year over year, on gold production that rose 11% quarter over quarter to 796,000 ounces. In short, the company is executing. The fight is really about who gets credit for it, and on what terms.

What Does This Mean for Gold Owners Versus Barrick Shareholders?

That split is the real lesson for anyone holding gold through mining equity instead of the metal itself. A troy ounce of physical gold has no chairman to lose confidence in. It has no board vote to win, no IPO calendar to slip, and no succession fight that can freeze a listing for a year. That’s true regardless of where the gold price sits. By contrast, Barrick’s operating numbers are strong specifically because the price of gold, still roughly a fifth below its January record, remains historically elevated. Even so, that strength still hasn’t settled who runs the company or how its best assets get divided. So the metal and the mining stock are exposed to the same commodity price, but only one of them is also exposed to a chairman’s tenure.

What Should Investors Watch Next?

Going forward, watch for two things. First, whether Barrick names a domicile and permanent CEO for the North American entity before its next earnings call. Second, whether additional large holders join Van Eck, Mackenzie, and Franklin in public opposition. Either one would be the clearer signal on whether 2027 holds, or slips again.

SOURCES
1. Bloomberg — “Barrick Is Said to Weigh Delaying North America Gold IPO to 2027,” Sept. 2, 2026
2. BNN Bloomberg — “Barrick Mining Misses Second-Quarter Profit Estimates, Settles Nevada Dispute With Newmont,” Aug. 10, 2026
3. The Globe and Mail — “Barrick Reaches Agreement With Newmont on Reworked Nevada Gold Mines Pact,” Aug. 10, 2026
4. Bloomberg via Yahoo Finance — “Barrick Chairman’s Planned Overhaul Meets Investor Backlash,” Aug. 9, 2026
5. Mining.com — “Barrick, Newmont Settle Dispute With $1.95B Deal,” Aug. 10, 2026

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions.    

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