Key facts
- Agnico Eagle CEO Ammar Al-Joundi stated the company is not interested in Barrick's North American IPO.
- Agnico Eagle's own business is performing well, according to Al-Joundi.
- The decision was not based on valuation or deal quality.
- Barrick plans to sell 10-15% equity in its North American operations.
- Barrick is seeking a dual listing in New York and Toronto for the IPO.
Canadian gold miner Agnico Eagle has no interest in participating in Barrick Gold's proposed initial public offering of its North American business, according to Agnico CEO Ammar Al-Joundi. "It would not make sense for us to buy into their North America IPO...," Al-Joundi said in an interview on Tuesday. He added that Agnico has its own business, which is "looking pretty good," and that the decision was not related to valuation or the quality of the deal. When asked about potentially acquiring Barrick's Nevada assets in the future, Al-Joundi stated that such decisions rest with Barrick's board and management. Barrick declined to comment on the matter. The company, which is domiciled in Canada, is looking to list 10-15% of its North American operations, with a dual listing planned for New York and Toronto. Agnico Eagle, one of the world's top three gold producers, has seen its share price outperform peers this year, gaining 15%. This performance has positioned Agnico as a contender for significant acquisitions and made it a preferred large gold company among institutional investors.