Barrick already has a major presence in the U.S., particularly in Nevada, where its Nevada Gold Mines joint venture with Newmont stands as its largest operation and the world’s top gold-producing complex. This venture is expected to yield up to 1.7 million attributable gold ounces this year—nearly half of Barrick’s total production. The company is also advancing the Goldrush project, set to produce over 400,000 ounces annually by 2028, along with the Fourmile gold project, also based in Nevada.

A potential move to the U.S. could be facilitated by a Trump administration, Bristow suggested, citing Trump's “America First” agenda as a possible catalyst.  

Moving a corporate HQ across borders isn’t as simple as packing up and leaving. Tax regulations make the process complicated and costly. Bristow acknowledged this challenge, saying that buying a major U.S. company might be an easier route—but right now, there aren’t many good options on the market.

Not everyone is excited about Barrick’s potential move.

Clive Johnson, CEO of fellow Canadian gold miner B2Gold (BTG), expressed disappointment at the news. "We're a proudly Canadian company and wouldn't consider a move like that," he said.

If Barrick moves its headquarters to the U.S., it would be a big shake-up for the mining industry. It raises questions about how Canada regulates its companies and what this could mean for other Canadian miners. While the move could benefit Barrick financially, it also highlights the growing global competition to attract major corporations.