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Barrick chairman's planned overhaul meets investor backlash
By Jacob Lorinc and Sybilla Gross
Bloomberg News
Sunday, August 9, 2026
John Thornton appeared ready last year to step down as chairman of Barrick Mining Corp. after a turbulent 12-year tenure. Instead, he seized control from his long-time CEO and is now driving a reinvention of one of the world's largest gold producers.
His plan is running into trouble.
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The former Goldman Sachs bankers idea to spin off the Canadian company's North American mines in an initial public offering is facing backlash from some of Barrick's top investors, who don't want to share their interest in the company's most valuable assets.
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 Van Eck Associates Corp. and Mackenzie Financial Corp. have contacted Barrick within recent months to express opposition to the chairman’s strategy. Franklin Equity Group is also opposed. ...
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