Newmont (NYSE: NEM) is pressing Barrick Mining (TSX: ABX) to improve their Nevada joint-venture operations before Barrick proceeds with a planned late-2026 initial public offering, and Newmont believes it can potentially block the transaction by withholding required partner approval, according to people familiar with the matter.
Barrick announced plans last week to sell 10% to 15% of a spinoff package via a late-2026 IPO, with the proposed listing anchored by its flagship Nevada joint venture where Barrick owns 61.5% and Newmont owns 38.5%.
The planned spinoff package also includes the wholly owned Fourmile development and a mine in the Dominican Republic, expanding the offering beyond the Nevada joint-venture perimeter while still centering valuation and investor demand on the Nevada asset base.
READ: Barrick Hikes Dividend To $0.42 On Q4 2025 Revenue, Earnings Jump
Newmont has been critical of Barrick’s management of the Nevada project following several years of under-performance, and is now linking any public-market monetization to measurable operational improvement rather than allowing a financial transaction to proceed on the current operating trajectory.
People familiar with the discussions said Newmont’s position is that the IPO requires its approval, because Newmont holds a right of first refusal and approval rights that can constrain any transfer involving Nevada Gold Mines, Barrick’s main North American asset.
The power dynamic is concentrated in the Nevada ownership split, where Barrick’s stake provides operational and economic control but Newmont’s stake may carry consent leverage that can affect major structural actions, including a partial flotation tied to joint-venture assets.
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