AU

 

Barrick IPO proposal puts Nevada Gold Mines in M&A spotlight

Bloomberg News | December 1, 2025 |

Cortez gold project. Credit: Barrick

Barrick Mining Corp.’s proposal to hive off its US assets from its sprawling portfolio in riskier countries will pique the interest of rival miners, according to analysts.

A separate company housing Barrick’s joint-venture interests and the Fourmile discovery in the state of Nevada, as well as a mine in the Dominican Republic, would be attractive to Newmont Corp. and Agnico Eagle Mines Ltd., Jefferies analysts wrote Monday.

“It’s an easier acquisition to execute versus current Barrick because it’s smaller and doesn’t require divesting non-core assets in challenging jurisdictions,” a group of Jefferies analysts including Fahad Tariq wrote.

Agnico and Newmont declined to comment.

Barrick’s plan to explore an initial public offering for its North American gold assets follows a Bloomberg report in October that Newmont had studied a deal to gain control of the mines the companies share in Nevada, which have benefited from recent investments.

The new vehicle is “likely to become an acquisition target for Newmont,” National Bank Financial analyst Shane Nagle wrote in a note to clients.

Still, Barrick probably will focus on additional drilling at Fourmile to increase the resource before considering a sale, which would have to garner a significant premium, the Jefferies analysts wrote.

(By James Attwood)

Navoi Mining receives S&P credit rating upgrade

Staff Writer | December 2, 2025 | 

Image: NMMC

Navoi Mining and Metallurgical Company (NMMC) has received a credit rating upgrade by S&P Global to reflect its status as one of the world’s biggest gold producers.

On Tuesday, S&P upgraded the Uzbekistani miner’s long-term credit rating to ‘BB’, with a ‘Stable’ outlook, citing the Central Asian nation’s improved sovereign rating. The upgrade reflects “the company’s solid financial position and the resilience of its operational performance,” the firm said in a statement.

The agency expects NMMC to maintain a balanced financial approach, enabling the company to continue making a significant contribution to the national economy, it added.

S&P’s rating also aligns with the issuer default rating given recently by Fitch, which cited NMMC’s status as the fourth-largest gold producer globally with production of over 3 million oz. and one of the lowest cost producers with long mine life, high profit margins and low leverage.

Earlier this year, the company successfully placed a new $500 million corporate bond in London, with Citi, JP Morgan, Société Générale and MUFG serving as its bookrunners. Proceeds from the placement will be used to further optimize and diversify the company’s existing credit portfolio on more favorable terms, NMMC said in a May press release.

NMMC currently operates the massive Muruntau deposit in the Kyzylkum Desert, one of the largest in the world. Across all its projects in the region, the company holds a resource gold base that is estimated at 150 million oz.