Barrick Gold’s plan to spin off its North American operations will depend heavily on the approval of its joint venture partner Newmont, according to documents reviewed by Reuters and accounts from former Barrick executives—highlighting a significant shift in power between the two global mining giants.
Denver-based Newmont now holds substantial influence over Barrick’s strategy, a sharp reversal from recent years when Barrick sought to acquire Newmont’s minority stake in their Nevada mining assets. More than a decade ago, Barrick had even attempted a full takeover of Newmont.
Documents show that Newmont has the first right of refusal should Barrick attempt to sell its stake in Nevada Gold Mines (NGM), Barrick’s most valuable North American asset. Barrick owns 61.5% of NGM, while Newmont holds the remaining 38.5%.
Barrick announced a major restructuring last year aimed at separating its North American business from higher-risk international operations, following the departure of former CEO Mark Bristow. The proposed initial public offering of the North American unit would include NGM, the Pueblo Viejo mine in the Dominican Republic, and the undeveloped Fourmile project in Nevada.
Filings with the U.S. Securities and Exchange Commission show that the joint venture agreement requires either partner to first offer its stake in the Nevada assets to the other before selling to a third party. Any transfer of ownership also requires the consent of the other partner.
Barrick will additionally need Newmont’s financial backing to develop the Fourmile project, which the company has described as a future flagship asset and a key component of the IPO. During an October 2025 earnings call, Newmont’s incoming CEO Natasha Viljoen said the company was awaiting further details from Barrick before committing additional capital.
Barrick’s potential split into two separate companies is widely viewed as one of the most closely watched mining developments of 2026, fueled by strong investor interest as gold prices continue to reach record highs. The company is expected to provide further details during its fourth-quarter earnings announcement in February.
In a statement, Barrick said it respects its joint venture with Newmont and complies fully with all contractual terms. A Newmont spokesperson said the Nevada Gold Mines agreement remains unchanged and publicly disclosed, adding that the company has no additional information regarding Barrick’s potential IPO beyond what is already public. Newmont declined to comment on whether it would finance the Fourmile expansion.
Despite Barrick shares rising 130% in 2025, the company has underperformed peers over the past five years, posting gains of 52% compared with a 142% increase at rival Agnico Eagle. Analysts continue to view Barrick as undervalued.
Industry executives familiar with the restructuring say it is unusual for a minority partner to wield such influence over asset sales. The current arrangement emerged after years of negotiations, following Barrick’s failed attempt to acquire Newmont in 2019, which ultimately led to the formation of the Nevada joint venture.
“Newmont has positioned itself extremely well to control the outcome,” said a former Barrick executive familiar with the deal. “Not long ago, Barrick wanted to buy Newmont.”
Barrick endured a turbulent 2025, including the seizure of its mine in Mali by the military government and the detention of employees, before reaching an agreement to regain control of the operation. The company also saw the departure of its CEO and is now working to rebuild investor confidence under Chairman John Thornton.
Interim CEO Mark Hill is leading Barrick as the company searches for a permanent chief executive who will have to navigate pressure from major investors such as BlackRock and activist hedge fund Elliott. This month, Barrick appointed Helen Cai as its new chief financial officer.
Analysts estimate the North American business could be valued at approximately $42 billion, with expectations that the standalone company could trade at a premium to Barrick’s current combined structure.
On Friday, Barrick shares were up 1.9% on the Toronto Stock Exchange, while Newmont shares rose 1.52% on the New York Stock Exchange.