Barrick Gold weighs US relocation, says CEO Bristow

By Staff Writer, TORONTO  Canada 

Toronto-headquartered Barrick Gold (NYSE: GOLD; TSX: ABX) is considering relocating its corporate domicile from Canada to the United States, CEO Mark Bristow told The Globe and Mail.

According to Bristow, moving south could result in a more efficient marketplace and attract a broader base of investors.

The relocation could also position Barrick for inclusion in the S&P 500 index, which would trigger automatic purchases from numerous mutual funds and exchange-traded funds that track the index.

Currently, Colorado-based Newmont Corp. is the only gold mining company in the S&P 500.

The Nevada Gold Mines joint venture — 61.5% owned by Barrick and 38.5% by Newmont (TSX: NGT; NYSE, ASX: NEM) — is the company’s largest operation, and the world’s biggest gold-producing complex. 

It is expected to produce between 1.54 and 1.7 million oz. of attributable gold this year, accounting for nearly half of Barrick’s total output.

Barrick is also developing the Goldrush project in Nevada, which is anticipated to produce over 400,000 oz. per year by 2028. In addition, the company owns the Fourmile gold project in the state.

In Canada, Barrick runs the Hemlo mine in Ontario, which has produced more than 21 million oz. of gold and has been in continuous operation for over 30 years. 

The mine’s 2025 attributable production forecast is between 140,000 and 160,000 oz.

Bristow told The Globe and Mail that a second Trump administration could facilitate the move to the United States under its “America First” agenda.

Relocating to the US is a “complex, costly, and time-consuming process” due to intricate tax regulations. One faster alternative would be acquiring a major US company, but according to Bristow, there are currently few attractive acquisition targets.

Since taking over as Barrick’s CEO, Bristow has significantly reduced headcount at its Toronto headquarters, cutting staff from 130 to 65. 

The company also shifted its corporate domicile to British Columbia.

Currently, Bristow resides in Mauritius. Meanwhile, Barrick chairman John Thornton, who joined the company in 2012, lives in Palm Beach, Florida.