Tensions between Barrick Mining and Newmont have intensified after Newmont issued a notice of default tied to their flagship Nevada operations, complicating Barrick’s plan to spin off its North American assets.
In a filing with the U.S. Securities and Exchange Commission late Thursday, Newmont alleged that Barrick redirected resources away from Nevada Gold Mines (NGM) to advance its wholly owned Fourmile project. Newmont maintains it holds a contractual right of first refusal over decisions affecting the joint venture and argues the move violates the companies’ 2019 agreement.
“Although we continue to work with Barrick to improve the performance of NGM and will take appropriate steps to address this matter, any such disagreements could have a material adverse effect on our interest in NGM, the business of NGM or the portion of our growth strategy related to NGM,” Newmont said in its annual filing.
The Nevada Gold Mines joint venture was formed in 2019 after Barrick abandoned a hostile takeover bid for Newmont. It is one of the world’s largest gold-producing complexes. Barrick owns 61.5% of the venture, while Newmont holds the remaining 38.5%.
Shares of Newmont fell 3.2% in pre-market trading in New York to $125.40, while Barrick’s stock was little changed at $48.55.
30-Day Window to Resolve Dispute
Newmont said it first notified Barrick of the issue in January and delivered a formal notice in early February. Under the joint venture agreement, the accused party has 30 days to remedy the breach or initiate corrective action. If unresolved, the dispute could proceed to court in Nevada.
Newmont CEO Natascha Viljoen told analysts that discussions have centered on boosting operational performance in Nevada. She characterized the relationship as constructive and said both companies remain focused on shareholder interests.
Barrick, led by CEO Mark Hill, disputed the allegations but declined to elaborate, citing confidentiality provisions within the JV agreement. The company said it remains committed to working with Newmont to maximize value.
Nevada Gold Mines represents a cornerstone asset for Barrick. According to RBC Capital Markets analyst Josh Wolfson, the venture accounts for roughly 60% of Barrick’s market value, underscoring its strategic importance.
IPO Plans in Question
The dispute casts uncertainty over Barrick’s plan to separate its North American operations and sell a 10% to 15% stake in the newly formed entity later this year. The proposed spinoff would include Barrick’s interest in NGM, the Fourmile development project and a Dominican Republic mine jointly owned with Newmont.
Sources familiar with the matter say Newmont believes the planned listing requires its consent and has previously expressed interest in acquiring Barrick’s Nevada holdings outright.
The disagreement comes at a challenging time for Barrick. The company reported a sixth consecutive annual decline in gold output in 2025, marking its lowest production level in at least a quarter century. It expects further declines this year, including from Nevada Gold Mines.
