Barrick Gold’s efforts to create a publicly listed North American-focused vehicle hinge on the cooperation of Newmont, the minority partner in their Nevada joint venture, according to internal documents and several former company executives. The relationship reverses the dynamic that existed only a few years ago, when Barrick had sought to buy Newmont’s minority interest in Nevada Gold Mines.
At the center of the constraint is Nevada Gold Mines (NGM), the largest North American asset in Barrick’s portfolio. Barrick controls 61.5% of NGM while Newmont owns 38.5%. The joint venture agreement gives Newmont a first right of refusal and requires either party to offer its interest to the other before pursuing a sale to a third party. The same agreement also conditions any transfer of shares on the consent of the other member.
Those contractual provisions mean Barrick cannot unilaterally move its Nevada stake into a new listed vehicle without giving Newmont the opportunity to match the terms, or without Newmont’s consent to a transfer. That legal framework is a pivotal factor as Barrick advances plans to separate its North American operations from what it has described as higher-risk assets elsewhere.
Scope of the proposed carve-out
Last year Barrick announced a restructuring intended to isolate its North American business. The assets earmarked for the proposed initial public offering include Nevada Gold Mines, the Pueblo Viejo operation in the Dominican Republic and the underdeveloped Fourmile project in Nevada. Barrick has presented Fourmile as a potential future flagship asset for the North American company.
But moving those assets into a new, separately traded company will require navigating the JV terms with Newmont for NGM and securing capital for Fourmile’s development. A person familiar with the matter told colleagues that Barrick will need Newmont to contribute capital for Fourmile to reach its development goals; Newmont has not publicly committed to providing that funding.
Newmont’s signaling on additional capital
During an October 2025 conference call with analysts, Newmont’s incoming chief executive Natasha Viljoen said the company was awaiting additional information from Barrick before it could decide on committing further capital. That remark underscores an outstanding condition that could affect the pace and feasibility of the Fourmile build-out and the configuration of any IPO.
Barrick has said it will set out details of its restructuring next month when it reports fourth-quarter results. The proposed split is among the most watched corporate restructurings in the mining sector for 2026 amid strong investor interest in gold.
Statements from both companies
In response to inquiries, Barrick said it respects the Nevada joint venture arrangement with Newmont and complies with its terms. A Newmont spokesperson said the joint venture agreement for Nevada Gold Mines remains unchanged from publicly available documents. On Barrick’s potential IPO of its North American assets, Newmont indicated it had no information beyond what is already public and declined to comment on whether it would fund Fourmile’s expansion.
Market context and investor perceptions
Barrick’s shares rose strongly in 2025, appreciating roughly 130% during the year. However, over the last five years the company’s cumulative return of 52% trails some peers - Agnico Eagle, for example, gained 142% over the same period. Market observers continue to regard Barrick as trading below fair value, and some analysts anticipate the carved-out North American company, valued at about $42 billion, could achieve a higher market multiple than the current combined entity.
Despite owning a minority interest in NGM, Newmont’s contractual right to block or match a sale gives it an unusual degree of influence over Barrick’s strategic options, according to three executives familiar with the restructuring discussions. That leverage is notable given the history between the two firms: in 2019 Barrick had sought to acquire Newmont, negotiations failed and the companies ultimately agreed to form a joint venture for their Nevada operations.
One former Barrick executive said that Newmont had effectively positioned itself to exercise decisive influence over the JV, noting how recent dynamics contrast with earlier ambitions by Barrick to buy its partner.
Operational and governance challenges at Barrick
Barrick experienced a turbulent 2025. In Mali, the country’s military government seized control of the firm’s local mine and detained employees, events that were later resolved through a negotiated agreement that returned the mine to the company and secured the release of staff. The company also saw its chief executive depart.
Chairman John Thornton has been working to restore investor confidence while interim CEO Mark Hill manages operations as the company searches for a permanent chief executive. The incoming CEO will face a shareholder base that includes substantial institutional investors such as BlackRock and activist Elliott. Barrick recently appointed Helen Cai as its chief financial officer.
Implications going forward
The interaction between contract rights in the Nevada joint venture and the unresolved question of development financing for Fourmile means the timetable and structure of Barrick’s North American IPO remain uncertain. Barrick has signaled its intention to outline its path forward when it reports fourth-quarter results in February, at which point investors will be watching closely for clarity on Newmont’s position and any commitments toward Fourmile.
On the most recent trading session reported, Barrick shares were up 1.90% on the Toronto Stock Exchange while Newmont shares rose 1.52% on the New York Stock Exchange.