The Globe and Mail reports in its Wednesday edition that Barrick Mining has chosen the United States over Canada as the site of its primary stock listing for its coming North American spinoff, dealing a blow to Canada's capital markets. The Globe's Niall McGee writes that later this year, Barrick plans to spin off a stake of between 10 to 15 per cent in its North American mines, including its Fourmile discovery in Nevada. On Tuesday, the company said that the new stand-alone unit, North American Barrick, is expected to have its primary listing in New York, with a secondary listing in Toronto. It is unclear where North American Barrick will be domiciled. Bay Street veteran Tom Caldwell said that Barrick's choice of the U.S. over Canada for the listing is a sign this country's capital markets are in decline. "You want to get as full a valuation on your shares as you can," he told The Globe. "If that's the case, you almost have to go to New York, patriotism aside, legacy and history aside." Canadian capital markets have been in "a significant decline for a long period of time," he said, citing a long list of former Canadian mining champions that have been acquired by foreign buyers, and excess regulation in this country.