Barrick Gold rumoured to weigh London listing in push to unlock African asset value
Barrick Gold Corp. (TSX:ABX, NYSE:GOLD) is considering a London Stock Exchange listing for its African business and a potential all-share transaction with Endeavour Mining, as the Canadian gold major looks to reshape its portfolio and sharpen its focus on North America, according to a Jefferies...
Barrick Gold Corp.(TSX:ABXNYSE:GOLD) View Price & Profile Barrick Gold rumoured to weigh London listing in push to unlock African asset value
Published: 14:42 01 Jun 2026 EDT
Barrick Gold Corp. (TSX:ABX, NYSE:GOLD) is considering a London Stock Exchange listing for its African business and a potential all-share transaction with Endeavour Mining, as the Canadian gold major looks to reshape its portfolio and sharpen its focus on North America, according to a Jefferies research note.
Jefferies said the two paths are not mutually exclusive and may sit on a spectrum of possible structures. Options under consideration include a standalone London-listed African entity, an all-share combination of Barrick's African assets with Endeavour Mining that would result in an LSE-listed Africa-focused vehicle, or a holding company structure in which Barrick retains stakes in both a North American-listed entity and a separate Africa-focused vehicle listed in London.
Discussions are described as early stage, with no certainty of a transaction and no near-term announcement expected.
Neither Barrick nor Endeavour Mining has commented on the reports.
Jefferies noted that an LSE listing would appeal to European investors who tend to be more comfortable with African exposure, and could facilitate an all-share deal with Endeavour Mining, which is already London-listed and Africa-focused. A combination would create a larger, more liquid Africa-focused gold platform, the bank said.
The standalone London listing scenario would echo Barrick's earlier Acacia structure, in which African assets were separately listed in the UK before later being reacquired. Jefferies said the move would allow the market to independently value the African portfolio while preserving Barrick's ability to retain exposure.
Barrick's African assets carry a combined net asset value of approximately $33 billion, or $19.58 per share, representing around 30% of the company's total NAV, according to Jefferies. That figure rises to roughly $35 billion, or $21.13 per share, if the Porgera mine is included, which Barrick's CEO has flagged as a candidate for sale given the company's lack of majority ownership.
By comparison, Jefferies estimates Barrick's North American assets Nevada Gold Mines, Pueblo Viejo, and Fourmile account for approximately 54% of NAV, or $58.6 billion on an unlevered basis.
Jefferies views Barrick as a special situation and considers the stock undervalued relative to peers, arguing it warrants a sum-of-the-parts valuation framework given what it describes as embedded and often overlooked value in the company's portfolio.
The strategic review comes as Barrick pursues a broader plan to house its North American gold assets in a separate, cleaner listed entity while retaining majority control— a restructuring the bank said is directionally consistent with the African separation strategy.