CANADIAN miner Barrick’s planned spinoff of North American assets depends on joint venture partner Newmont, said Reuters citing documents it had seen and the comments of former Barrick executives.
Denver-based Newmont holds right of first refusal if Barrick attempts to sell its stake in Nevada Gold Mines, the Canadian miner’s principal North American asset, the documents show. Barrick owns 61.5% whilst Newmont holds 38.5% of the operation.
Barrick announced restructuring plans last year to separate its North American business from riskier international operations following former CEO Mark Bristow’s departure. The proposed initial public offering encompasses Nevada Gold Mines, the Pueblo Viejo mine in the Dominican Republic and the underdeveloped Fourmile project in Nevada.
Joint venture agreements filed with the US Securities and Exchange Commission specify either party must offer its Nevada interest to the other member before considering third-party sales. Any share transfer requires consent from the other party.
Barrick will also need Newmont to fund capital for Fourmile, which the miner has promoted as its future flagship asset. During an October 2025 analyst call, incoming Newmont CEO Natascha Viljoen said the company awaited additional information from Barrick before committing further capital.
The restructuring, potentially splitting Barrick into two entities, ranks among the most anticipated mining developments of 2026 given strong investor interest in gold, said Reuters. The company is expected to outline plans in February during fourth-quarter earnings.
Barrick shares surged 130% in 2025 but five-year returns of 52% trail rival Agnico Eagle’s 142%. The company remains considered undervalued.
Newmont’s control despite minority ownership is unusual, said three executives familiar with the restructuring. The current arrangement followed a failed 2019 merger attempt.
