The Toronto-based miner, which is spinning out its North American gold businesses in an initial public offering, said the spinout’s primary listing will be in New York, with a secondary listing in Toronto. It did not disclose where the rest of the global business will be listed. The North American business could reportedly be worth as much as US$60 billion. (The Logic)

Talking point: Barrick’s Toronto- and New York-listed shares fell more than three per cent amid another public blow to Toronto’s reputation as a mineral-financing hub. Barrick, which mostly operates abroad, has been mulling a move to the U.S. since at least 2020 to access the S&P 500 index. Canada’s capital markets provide mining tax benefits—and Barrick’s Vancouver registration lets it avoid Canadian residency requirements for directors. But the S&P 500 still requires U.S. domicile. In recent years, some miners have redomiciled out of Canada to avoid strict oversight of their Chinese investments. U.K.-based Anglo American’s pending acquisition of Teck has also raised questions about its inclusion in the S&P/TSX Composite index.