Barrick and Newmont have settled their dispute over the Nevada Gold Mines joint venture, clearing the last hurdle to Barrick's plan to spin off its North American assets in an IPO valued at roughly $42 billion. Newmont agreed to let the listing proceed and will pay Barrick about $2 billion, while Barrick folds its Fourmile discovery into the venture.
Barrick and Newmont, the world's two largest gold miners, have agreed to combine some of their biggest mines. The truce clears the way for one of the largest mining IPOs of the year. The companies already partner on Nevada Gold Mines, but Newmont had been trying to block Barrick's plan to list its North American assets separately, including its stake in that joint venture.
Newmont drops its opposition
Under the new terms, Newmont has consented to the IPO, and Barrick is adding its Fourmile gold discovery into the joint venture. Newmont will also make a one-time payment to Barrick of about $2 billion, reflecting the added value of Fourmile. Barrick has said the discovery could produce up to 750,000 ounces of gold a year.
The truce follows months of friction. Newmont accused Barrick of mismanaging the venture, alleging "diversion of resources from NGM to the benefit of Barrick's wholly owned property Fourmile". Newmont issued a formal notice of default on February 3, 2026, pointing to declining output and rising costs over the prior six years at Nevada Gold Mines. The two companies formed Nevada Gold Mines in March 2019, with Barrick holding a 61.5% controlling stake and Newmont the remaining 38.5%.
The IPO Barrick has been building toward
Barrick first outlined the spinoff in December 2025, proposing a new entity called North American Barrick to house its continental assets, including its controlling interest in NGM. The company aimed to sell between 10% and 15% of the new entity, or potentially pursue a full IPO, by the end of 2026. Without Newmont's consent, that timeline had stalled, since Newmont holds rights under the joint venture agreement that give it influence over how NGM's assets get packaged and valued for public investors.
The settlement arrives alongside Barrick's latest results. The miner reported second-quarter net earnings of $1.2 billion, up 50% from a year earlier. A lower gold price and higher costs, however, dragged that figure down 24% from the first quarter, when gold got close to $5,600 per ounce.
Sources: Financial Times, Crypto Briefing
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