Barrick Mining plans to spin off its Nevada operations, the Fourmile discovery, and a Dominican Republic mine into a new public entity. The company intends to maintain majority ownership of the new business.
Van Eck Associates, Mackenzie Financial, and Franklin Equity Group have voiced opposition to the proposal. These major shareholders argue the move dilutes their exposure to Barrick’s highest-performing assets by selling minority stakes to new investors.
Management claims the separation will unlock higher market valuations for these prime assets. Barrick reports its quarterly results on Monday, August 10th.