Catenaa, Sunday, August 09, 2026- Barrick Mining Chairman John Thornton’s idea to spin off the Canadian company’s North American mines in an IPO is facing backlash from some of its top investors.
The IPO will likely be a key focus for shareholders when Barrick reports its quarterly earnings on Monday. Although the company first floated the plan in December, Barrick still hasn’t named a CEO for the new company or revealed where it will be domiciled.
Portfolio managers at VanEck Associates and Mackenzie Financial have contacted Barrick within recent months to express opposition to the chairman’s strategy. Franklin Equity Group is also opposed.
Frustration is so high that at least one investor is calling publicly for Thornton’s resignation. “If you ask me, it would be nice to have a graceful exit of this current chairman and have someone else come in,” said Benoit Gervais, Portfolio Manager at Mackenzie, a subsidiary of Power, Barrick’s 10th-largest shareholder.
The IPO could be Thornton’s last chance to change the fortunes of Barrick, a mining company he’s led since 2014.
Under his watch, the company’s stock has underperformed rivals Newmont and Agnico Eagle Mines and has struggled to capitalize on a historic run-up in the price of gold.
Barrick slipped to third place in global production last year after being overtaken by Agnico.
The company’s struggles threaten to tarnish the reputation of a dealmaker and master networker who made his name running one of the world’s top investment banks, but hasn’t replicated similar success as a corporate leader.
This story is based on interviews with more than two dozen executives, current and former Barrick employees, bankers and shareholders, many who asked not to be identified because they are not authorized to speak publicly.
The IPO is supposed to unlock the value of Barrick’s gold mines in Nevada and the Dominican Republic, which the firm’s leadership has long contended are weighed down by Barrick’s more troubled assets in Africa, Asia and the Middle East.
Through a new, publicly listed company, Barrick would retain majority control of the assets while floating a minority interest to the public.
The Nevada mines have been declining in production in recent years, but the asset is part of the world’s largest gold-mining complex and contributes more than half of Barrick’s profits.
The IPO would also include the Fourmile discovery, which Barrick has called one of this century’s greatest gold finds, and a mine in the Dominican Republic.
Investors say the restructuring comes at their expense, diluting their interest in the operations by as much as 15% to new shareholders.
Portfolio managers at Van Eck, Barrick’s fourth-largest shareholder, met at least three times with company executives this year to push back.
