Barrick Mining is considering a London listing for its Africa business, Reuters reported, a move that comes as the gold mining giant seeks to move its operations from what it sees as risky regions. An all-share $30 billion transaction with UK-listed Endeavour is reportedly also being considered.
Barrick CEO Mark Hill said last month the gold mining giant was seeking to divest riskier African assets and non-controlling assets, without naming any countries directly. The firm has mines in DR Congo, Mali, Tanzania, and Zambia. The firm was embroiled in a dispute with the Malian government over a new mining code in the country introduced in 2023 that saw it lose control of one of its most productive assets. It reached an agreement with Bamako in November last year to regain control of its mines.
JPMorgan, in an analyst note, said the potential tie-up could boost outputs, but warned such an entity “would likely introduce new geographic exposures to [Endeavour] ... with higher average costs and lower relative organic growth,” citing Mali and DR Congo.
