Barrick and Newmont Reach Agreement Regarding Nevada Gold Mines Joint Venture
Barrick’s dispute settlement with Newmont clears its IPO path, bringing $1.95 billion in cash and the Fourmile deposit into Newmont Goldcorp.
Barrick Mining Corporation (ABX) and Newmont have reached an agreement to contribute excluded properties into their Nevada Gold Mines (NGM) joint venture. Barrick will contribute its wholly-owned Fourmile gold project, while Newmont will contribute its Fiberline and Mike developments. Newmont will pay Barrick $1.95 billion in cash to reflect the value of the contributed properties.
The agreement resolves all outstanding disputes between the two companies related to the NGM joint venture. As part of the settlement, Newmont has formally provided its consent for Barrick’s proposed IPO of its North American gold assets. Enhanced governance provisions are included under a modernized joint venture agreement.
Barrick Mining Corporation (ABX) has resolved all disputes with Newmont and secured the gold producer’s consent, removing the primary external obstacle to its planned North American initial public offering. Management has positioned the IPO as a significant value-unlocking event for the company.
The resolution involves a $1.95 billion cash payment, which represents approximately 1.9% of Barrick’s market capitalization and further strengthens an already net-cash balance sheet. Contributing the Fourmile project into the NGM joint venture was previously disclosed as the intended path at fair market value. This agreement formalizes the structure, though Fourmile was already part of Barrick’s development pipeline and held a 25 moz inferred resource.
The market had partially priced in a positive outcome, with the stock rising from $48.92 on July 17 to $60.96 on August 7. The definitive agreement removes tail risk and explicitly ties the resolution to IPO consent, a specific catalyst that had been pending. The deal confirms the resolution, quantifies the cash inflow, and directly unlocks the IPO timeline. While not a transformative M&A or discovery event, the outcome is clearly material and positive.
Barrick Mining Corporation (ABX) is one of the world’s largest gold and copper producers, operating a portfolio of Tier-One assets in favorable jurisdictions. Its key operating assets include the Nevada Gold Mines joint venture, which holds a 61.5% stake alongside Newmont and encompasses the Carlin, Cortez, Turquoise Ridge, and Goldrush mines. Other major operations include the 60%-owned Pueblo Viejo mine in the Dominican Republic, the Loulo-Gounkoto mine in Mali, the 45%-owned Kibali mine in the Democratic Republic of Congo, and the North Mara and Bulyanhulu mines in Tanzania. The company also operates the Lumwana mine in Zambia, the 50%-owned Zaldivar mine in Chile, and the 50%-owned Veladero mine in Argentina.
Development projects include Goldrush, which is ramping to production of more than 400,000 ounces per year by 2028, and the Fourmile project, which has now been contributed to the Nevada Gold Mines joint venture. The Lumwana Super Pit expansion is scheduled to produce its first copper in the first quarter of 2028, while the Reko Diq project in Pakistan remains under review.
For 2025, Barrick expects attributable gold production of 3.26 million ounces and copper production of 220,000 tonnes. Guidance for 2026 projects gold production between 2.90 million and 3.25 million ounces, with copper production between 190,000 and 220,000 tonnes. Additionally, the company plans an initial public offering for North American Barrick to separate the Nevada Gold Mines, Pueblo Viejo, and Fourmile assets under a publicly listed vehicle, with Barrick retaining a controlling interest.