Ivanhoe's Kamoa-Kakula: Lower, Slower, But Still World-Class

Ivanhoe's "New Normal" at Kamoa-Kakula

Lower, Slower, But Still World-Class

Ivanhoe Mines finally released its long-awaited 2026–2027 production guidance for Kamoa-Kakula on December 3^rd, and the numbers confirm what skeptics feared: full recovery from the May 2025 flood will take longer and yield less than pre-incident expectations.

The New Guidance Reality

Barrick’s Bold -or Desperate- Move: Spinning Out its American Gold Assets

Barrick’s Latest Move: IPO the Crown Jewels—But at What Price?

Following Barrick's (NYSE: B) announcement that the board has authorized management to explore an initial public offering of its Tier 1 North American gold assets, let's take a closer look at what the spinout would look like. The proposed “NewCo” would combine Nevada Gold Mines, Pueblo Viejo, and the wholly-owned Fourmile discovery into what could become one of the world’s largest pure-play gold companies.

The timing is not accidental.  Barrick has been looking at options ever since it unceremoniously bid its CEO adieu--only days after he (finally) announced some good news after years of lackluster returns. Activist investor Elliott Management has also built a stake worth at least several hundred million dollars, putting it among Barrick’s top shareholders and increasing pressure for a breakup into more focused regional entities. 

Barrick under Bristow dreadfully under performed Gold and its peers by a wide mark over the last 5 years. (To be fair, $NEM also lagged after the Newcrest merger.)  It wasn't until the end of Q2 --and after Bristow was ousted--that it finally caught up.