Barrick Newmont Nevada Dispute Settled

Barrick Mining and Newmont have settled a longstanding dispute over their Nevada Gold Mines joint venture, with Newmont agreeing to pay Barrick $1.95 billion in cash within 30 days. The settlement resolves governance disputes stemming from the 2019 creation of the joint venture, which followed Barrick's abandoned $18 billion hostile takeover bid for Newmont. The agreement removes the final roadblock to Barrick's planned spinoff of its North American gold assets, which is expected to proceed via an IPO in late 2026. The new standalone company will hold nearly 100 million ounces of gold, anchored by Nevada Gold Mines, the Pueblo Viejo mine in the Dominican Republic, and the Fourmile discovery in Nevada. Both miners also agreed to fold previously excluded properties, including Barrick's Fourmile discovery and Newmont's Mike and Fiberline deposits, into the expanded complex. Barrick's shares fell about 6% in premarket trading following the news, while Newmont's shares rose over 3%. The settlement follows Barrick's strong second-quarter results, which showed a 44% revenue increase to $5.29 billion and net income of $1.22 billion, driven by higher gold and copper prices.