Barrick Mining is weighing a London listing for its African business as it explores options with Endeavour Mining, Reuters reported.
Two sources told Reuters that talks are still in their early stages. They said Barrick has made no decision, and no announcement is expected soon.
Sources said the combined entity could be worth about USD 30 billion. Barrick Mining and Endeavour Mining declined to comment.
One option would keep Barrick listed in Toronto as a holding company. It would own shares in a New York-listed North American business and a London-listed African company.
Barrick said earlier this year that it planned to spin off its North American business in New York. Chief Executive Officer Mark Hill also said the company could sell mines in African countries.
In addition, Hill said Barrick could sell assets where it has management control but not majority ownership.
Read: Barrick Gold Seeks $2 Billion for Reko Diq Copper-Gold Project in Pakistan
Barrick Chairman John Thornton and Hill are seeking to reduce exposure to regions the company views as riskier, Reuters reported.
The move follows Barrick’s year-long dispute with Mali’s military-led government. That dispute also preceded the exit of former Chief Executive Officer Mark Bristow.
Endeavour Mining, backed by billionaire Naguib Sawiris, has been looking for mining assets to expand its business. Therefore, bankers told Reuters its African presence could make it a strategic buyer.
