Newmont has formally escalated its dispute with Barrick at Nevada Gold Mines by issuing a notice of default under the joint-venture agreement, tying the action to operational performance and management.
Nevada Gold Mines is a joint venture that combined Newmont’s and Barrick’s respective Nevada operations under an operating agreement entered into on July 1, 2019 between Barrick, Newmont, and their wholly owned subsidiaries, with Barrick designated as operator with overall management responsibility.
Newmont said it holds a 38.5% economic interest in Nevada Gold Mines while Barrick holds a 61.5% economic interest, and Newmont described its position as beneficially owning less than a majority of ownership and governance interests, resulting in limited control of Nevada Gold Mines operations and dependence on Barrick to operate the assets.
READ: Newmont Warns Barrick Nevada IPO Hinges On JV Fixes
Governance sits with a board of managers comprised of three managers appointed by Barrick and two managers appointed by Newmont, with decisions determined by majority vote outside certain prescribed matters, and with voting power for managers appointed by each company stated as proportional to that company’s economic interests in Nevada Gold Mines.
Newmont warned that where the operator has interests, objectives, and incentives that differ from Newmont’s, there can be no assurance disagreements will be resolved in Newmont’s favor.
“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 NGM and the Company,” the firm said in its filing for its Q4 2025 financials.
On January 26, 2026, Newmont said it informed Barrick and the Nevada Gold Mines board that it had identified evidence of mismanagement at Nevada Gold Mines, including diversion of resources from Nevada Gold Mines to the benefit of Barrick’s wholly owned property Fourmile and Barrick.
Newmont then said it sent Barrick a notice of default on February 3, 2026, under the Nevada joint-venture agreement related to the conduct it described.
On the earnings call, Newmont CEO Natascha Viljoen confirmed the move, adding that Newmont has no additional information to share and that confidentiality provisions in the joint venture agreement prevent further comment on the notice of default.
Newmont has been critical of Barrick’s management of the Nevada project following several years of under-performance. People familiar with the discussions said Newmont’s position is that the planned Barrick IPO requires its approval, because Newmont holds a right of first refusal and approval rights that can constrain any transfer involving Nevada Gold Mines.
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