Barrick Mining’s (TSX: ABX) plan to spin off its North American assets is effectively conditional on Newmont’s (NYSE: NEM) consent, 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.
Documents reviewed by Reuters and former Barrick executives show Newmont has a first right of refusal if Barrick attempts to sell or transfer its stake in Nevada Gold Mines. Ownership in the joint venture is 61.5% for Barrick and 38.5% for Newmont, yet the agreement requires that a selling party first offer its Nevada joint venture interest to the other member before selling to a third party.
In SEC filings, the joint venture agreement also specifies that any transfer of shares requires the consent of the other party. Executives familiar with the restructuring effort described Newmont’s influence as unusual given its minority position.
Barrick’s proposed IPO of North American assets includes NGM, the Pueblo Viejo mine in the Dominican Republic, and the underdeveloped Fourmile mine in Nevada. Barrick announced the restructuring last year, aiming to carve out North America from riskier global operations following former CEO Mark Bristow’s departure.
In an emailed response, Barrick said it respects the joint venture and abides by all terms. Newmont said the Nevada Gold Mines joint venture agreement has not changed from what is publicly available and added it has no additional information on Barrick’s potential IPO beyond the public domain.
The Fourmile funding dependency
Beyond contractual control, Barrick will also need Newmont to fund capital for Fourmile, according to a person familiar with the development. Fourmile has been positioned by Barrick as a future flagship asset and is slated to be part of the IPO.
During an October 2025 call with analysts, Newmont incoming CEO Natasha Viljoen said Newmont was waiting for information from Barrick before committing additional capital.
Newmont did not comment on whether it will fund the Fourmile expansion.
Barrick’s restructuring, potentially a split into two entities, is among the most anticipated mining stories of 2026. Barrick is expected to outline its plans in February during its Q4 earnings, against a backdrop of strong investor interest in gold bullion and prices hitting successive record highs.
The miner’s North America business is valued at around $42 billion, and analysts expect the new company could trade better than the current combined entities. Barrick shares jumped 130% in 2025, but over the last five years the stock gained 52% versus a 142% rise for rival Agnico Eagle.
Barrick’s 2025 included a seizure of its Mali mine by the military government and incarceration of employees before the company negotiated a deal to regain the mine and secure their release. Leadership also shifted, with the CEO leaving, chairman John Thornton steering investor confidence efforts, interim CEO Mark Hill running the company during a CEO search, and Helen Cai appointed CFO this month.
Large institutional investors including BlackRock and activist firm Elliott are key stakeholders in the transition.
Information for this story was found via Reuters and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
