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Barrick Mining (NYSE:B)(TSX:ABX) announced Tuesday that its planned new publicly listed company, which will hold Barrick’s North American gold assets, will be named American Barrick Gold Corporation.
The world’s third-biggest gold miner said it is moving forward with the proposed initial public offering (IPO) and has filed a registration statement on Form S-11 with the U.S. Securities and Exchange Commission in connection with the proposed IPO.
American Barrick intends to apply to list its common stock on the New York Stock Exchange under the ticker symbol ‘ABGC’.
The number of shares to be offered and the proposed price range for the IPO have not yet been determined, the company said, adding that net proceeds from the IPO will be distributed to Barrick, which it expects to return to its shareholders.
In September, chief executive officer Mark Hill said the planned North American gold IPO could slip into January.
Hill, who was named in August to lead the North American unit after it goes public, said there had been “some delays” in working through formalities ahead of the listing.
Barrick first announced last year its proposal to hive off its US assets from its sprawling portfolio in riskier countries.
The new company will house Barrick’s joint-venture interests and the Fourmile discovery in the state of Nevada, which it has touted as “one of the century’s greatest gold discoveries.”
Barrick struck a deal with Newmont in August that gave the Denver-based company a stake in Fourmile and brought the deposit into the joint Nevada Gold Mines venture in exchange for support of the planned IPO.