Barrick weighs UK listing for African assets in $30B tie-up with Endeavour

Mining

Jun 01

Barrick Mining (TSX: ABX) (NYSE: B) is said to be weighing up a London listing for ‌its African business, a move that may involve merging with Endeavour Mining (LON, TSX: EDV), Reuters reported on ...

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ABX) (NYSE: B) is said to be weighing up a London listing for ‌its African business, a move that may involve merging with Endeavour Mining (LON, TSX: EDV), Reuters reported on ...</p>\n\n<a href=\"https://www.mining.com/barrick-weighs-uk-listing-for-african-assets-in-30b-tie-up-with-endeavour/\">Source Link</a>\n\n</div>\n","source":"mining_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Barrick weighs UK listing for African assets in $30B tie-up with Endeavour</title>\n<style 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Mining (LON, TSX: EDV), Reuters reported on ...</p>\n\n<a href=\"https://www.mining.com/barrick-weighs-uk-listing-for-african-assets-in-30b-tie-up-with-endeavour/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0300736492.USD","symbol_name":"FRANKLIN NATURAL RESOURCES \"A\" (USD) 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Acc SGD","LU0055631609.USD":"贝莱德世界黄金基金A2","LU0788109121.HKD":"BGF WORLD MINING \"A2\" (HKDHGD) ACC","BK4161":"工业机械","LU1430597077.USD":"BGF NATURAL RESOURCES \"A\" (USD) INC","LU0075056555.USD":"贝莱德世界矿业基金A2","LU0345780950.USD":"NINETY ONE GSF GLOBAL NATURAL RESOURCES \"A\" (USD) ACC","LU1023059493.AUD":"Blackrock World Mining A2 AUD-H","LU0368265764.SGD":"Blackrock World Gold Fund A2 SGD-H"},"translate_title":"巴里克考虑与Endeavour合作以300B美元的价格在英国上市非洲资产","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"B":1,"BU":0.6},"content_text":"Barrick Mining (TSX: ABX) (NYSE: B) is said to be weighing up a London listing for ‌its African business, a move that may involve merging with Endeavour Mining (LON, TSX: EDV), Reuters reported on Monday.\nAccording to a source cited by Reuters, the two companies are considering several scenarios, one of which is for Barrick to keep its Toronto listing as a holding company to own its New York-listed shares and set up a separate Africa-focused entity listed in London.\nThe market value of the combined entity could reach $30 billion, representing nearly half of Barrick’s current market capitalization on the NYSE, Reuters estimates.\nThis is identical to what the company did some 20 years ago, when it spun off its Africa business and listed in the UK as Acacia before later reacquiring it, a separate source familiar with Barrick’s operations told Reuters.\nHowever, these talks are still in the early stages, the sources said, adding that is no certainty that a deal would be finalized. Barrick and Endeavour did not respond to the Reuters report.\nMINING.COM has reached out to Barrick for commentary.\nShares of Barrick Mining dipped 1.2% in New York by midday Monday, in line with the decline in gold prices. Those of Endeavour Mining closed the session 4.8% lower in London.\nStrategic pivot\nThe proposed deal coincides with the Toronto-based gold miner’s ongoing plans to create a newly listed company in New York to hold its North America assets, namely its mines in Nevada and the Dominican Republic.\nThe spinoff, which is targeted for completion by the end of 2026, is part of a broader strategic shift by Barrick to pivot away from what it considers to be “risky” jurisdictions. When it unveiled those plans earlier this year, the company had just ended a year-long dispute with the Mali government involving the Loulo-Gounkoto mine complex.\nIn addition to those, Barrick also operates several mines in Africa, including the North Mara & Bulyanhulu mines that it owns in a joint venture with the Tanzania government, the Lumwana mine in Zambia, Kibali in the Democratic Republic of the Congo, and Tongon in Ivory Coast.\nElsewhere, the company also has a major project in Reko Diq in Pakistan, for which it had flagged development delays.\nStronger presence in Africa\nEndeavour, backed by billionaire Naguib Sawiris, has a strong presence in West Africa, holding several large gold mines that together could produce 1.2 million oz. this year. The UK-listed company is a fit for Barrick’s move to get rid of its “rump”, one banker in the mining M&A space told Reuters.\nAnother said the tie-up would give Endeavour exposure to new regions such as ⁠Tanzania and the DRC and reintroduce exposure to Mali, where the company has previously exited and may be reluctant to return.\nAnalysts cited by Reuters value Endeavour’s portfolio at about $15 billion, roughly the same as Barrick’s African assets.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}