Stock Markets January 23, 2026

Barrick’s North American Asset Spin-Off Contingent on Newmont’s Consent, Documents Reveal

Joint Venture Control Gives Newmont Significant Influence Over Barrick’s Strategic Moves

By Hana Yamamoto NEM
Barrick’s North American Asset Spin-Off Contingent on Newmont’s Consent, Documents Reveal
NEM

Barrick Gold Corporation’s plan to separate its North American interests relies heavily on Newmont Corporation’s approval, given their joint venture arrangement in Nevada Gold Mines. Despite Barrick holding a majority stake, Newmont retains first refusal rights on any sale of joint assets, underscoring a notable shift in influence between these mining giants. The proposed spin-off, anticipated to include key assets such as Nevada Gold Mines and the Fourmile mine, is positioned as a focal point for investors amid gold’s rallying prices.

Key Points

  • Newmont holds first refusal rights over Barrick’s stake in Nevada Gold Mines, influencing Barrick’s strategic options.
  • Barrick plans to spin off North American assets, including Nevada Gold Mines, Pueblo Viejo, and Fourmile mine, targeting an IPO in 2026.
  • Newmont’s cooperation is essential for capital funding at Fourmile, illustrating the depth of joint venture interdependence.

TORONTO – Barrick Gold Corporation’s initiative to spin off its North American mining assets is contingent upon the approval of its joint venture partner, Newmont Corporation, according to internal documents reviewed and sources familiar with the matter. This dynamic underscores a significant evolution in the relationship between the two major mining entities, with Newmont now holding considerable sway over Barrick’s strategic direction.

Historically, Barrick has pursued greater control over its joint ventures with Newmont; it unsuccessfully attempted to acquire Newmont itself a decade ago and more recently sought to buy Newmont’s minority share in the Nevada mines. However, these efforts did not materialize, and the current joint venture agreement affords Newmont the first right of refusal on any sale of stakes within the Nevada Gold Mines (NGM) – Barrick’s principal North American asset.

Under their arrangement, Barrick holds a 61.5% interest in NGM, while Newmont owns the remaining 38.5%. The governing documents, filed with the U.S. Securities and Exchange Commission, clearly stipulate that should Barrick consider selling its stake in the Nevada operations, it must first offer Newmont the opportunity to purchase it. Moreover, any transfer of shares necessitates the explicit consent of the other party, effectively granting Newmont a strong say in Barrick’s divestiture plans.

In late 2025, Barrick revealed plans to reorganize its business by isolating its North American assets from riskier international operations. This restructuring followed the exit of former CEO Mark Bristow and is set to include key properties such as NGM, the Pueblo Viejo mine in the Dominican Republic, and the developing Fourmile mine in Nevada. The latter, identified by Barrick as a future flagship project, will also be included in the anticipated initial public offering (IPO) of the North American unit.

However, Newmont’s cooperation remains crucial, not only due to the joint venture rights but also because Barrick depends on Newmont to provide capital funding for the expansion of the Fourmile mine. Discussions are ongoing, with Newmont’s incoming CEO, Natasha Viljoen, mentioning in an October 2025 analyst call that the company awaits additional information from Barrick before committing further capital investments.

This potential bifurcation of Barrick into separate entities is among the most closely watched developments in mining circles during 2026, coinciding with heightened investor interest spurred by gold's series of record-high valuations. Barrick is expected to detail its strategic roadmap in its upcoming fourth quarter earnings report, projected for release in February.

In response to enquiries, Barrick reaffirmed its respect for the joint venture terms and confirmed adherence to all relevant agreements with Newmont. Meanwhile, a Newmont spokesperson stated that the Nevada Gold Mines agreement remains unchanged from publicly available disclosures and declined to comment on whether the company would finance the Fourmile project’s growth.

While Barrick’s stock price surged by 130% in 2025, the company’s overall returns in the last five years lag behind some competitors, gaining 52% compared to Agnico Eagle’s 142% during the same period. Market analysts continue to view Barrick as undervalued, noting the unusual degree of control Newmont holds despite its minority share in the Nevada mines.

Several executives familiar with the situation described Newmont’s influence as markedly enhanced, attributing it to the terms fashioned after attempts to merge the two companies failed and instead resulted in a joint venture arrangement. According to a former Barrick executive, "Newmont has done a really good job of being able to call the shots, it was not long ago that Barrick wanted to buy Newmont." 

Barrick faced significant challenges last year, including the seizure of its Mali mine by the country’s military government, which led to the detention of employees before a negotiated resolution. Following these difficulties, Barrick’s CEO departed, and interim leadership under Mark Hill seeks to stabilize the company while a search for a new CEO continues. This new leader will need to satisfy major institutional stakeholders such as BlackRock and activist investors including Elliott Management.

Helen Cai was recently appointed as Barrick’s chief financial officer, reinforcing the company’s leadership team during this transition. The North American division is valued at approximately $42 billion, and there is market speculation that the division could achieve a higher valuation as a standalone entity than it currently does as part of Barrick’s consolidated structure.

As of Friday, Barrick shares experienced a 1.90% increase on the Toronto Stock Exchange, and Newmont shares rose by 1.52% on the New York Stock Exchange, reflecting positive investor sentiment toward these developments.

Risks

  • The spin-off is contingent on Newmont’s approval, introducing potential delays or complications.
  • Uncertainties in capital commitment from Newmont for the Fourmile mine expansion could impact development timelines.
  • Barrick’s ongoing leadership transition and geopolitical risks, exemplified by past incidents in Mali, may affect investor confidence and operational stability.

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