Newmont-Barrick Nevada JV Tensions Grow

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Written by Danny Levin, Deputy Editor for IIR News (Sugar Land, Texas)

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Summary

Newmont is in an escalating dispute with Barrick Mining regarding their Nevada Gold Mines joint venture, which is majority owned and operated by Barrick.

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Newmont and Barrick's Nevada Rift

Newmont, the world's largest gold miner, owns a 38.5% stake in the Nevada Gold Mines (NGM) joint venture with Barrick Mining, which serves as operator and majority owner with a 61.5% stake. While the entities entered into an operating agreement in 2019, recent developments suggest there's plenty of tension surrounding the joint venture.

According to a filing with the U.S. Securities and Exchange Commission, Newmont sent Barrick a notice of default under the joint-venture agreement on February 3 related to the following: "On January 26, 2026, we informed Barrick and the NGM Board of Managers that we had identified evidence of mismanagement at NGM, including diversion of resources from NGM to the benefit of Barrick's wholly-owned property Fourmile and Barrick, and that we were exercising our contractual inspection and audit rights."

"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 our interest in NGM, the business of NGM or the portion of our growth strategy related to NGM," Newmont added.

In Newmont's earnings-related conference call on February 19, Chief Executive Officer Natascha Viljoen did not have any additional information to offer.

Tensions began in December, when Barrick announced it intended to consider an initial public offering (IPO) for the NGM asset. Newmont, which must formally consent to it, pushed back.

For more information, see December 2, 2025, article - Barrick to Explore IPO of North American Gold Assets.

"Any transaction implicating Newmont's joint ventures must respect the protections that are contained in those agreements, including, but not limited to, the transfer restriction requirements," the company said in a February press release.

In Barrick's earnings call earlier this month, Chief Executive Officer Mark Hill said he expects an update on the IPO at year-end or that it will be completed by year-end. In a response to a question regarding what portion of NGM it planned to IPO ("I have heard ranges between 10 to 15-30%"), Hill was coy: "I think it is fair to say it will be on the lower end of that."

"So 10 to 15%?" the listener asked in a follow-up question. "Sure. Yes."

Barrick Gold also aims to prepare an IPO for the Pueblo Viejo gold mine in the Dominican Republic, of which Barrick holds a 60% stake and Newmont the remainder.

Related Capital Spending and Projects

Projects underway at NGM include an expansion of the Carlin gold mine complex. Barrick intends to extend the mine's operational life by expanding into areas that ultimately could contribute 140,000 ounces per year of gold, allowing the mine complex to continue its output of 1.6 million ounces per year beyond 2038. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can read the project report.

According to Newmont's recent earnings information, development/growth capital for 2026 is expected to be $1.4 billion, including $1.16 billion for its managed operations. This features an increase of $100 million related to its ownership interest in NGM. About $355 million is attributed to the Tanami Stage 2 Expansion in Australia, which is expected to wrap up in the second half of 2027 and will extend the gold mine's life beyond 2040.

In addition, Newmont expects to progress the feasibility study and reach a final investment decision in the second half of the year for its Red Chris project, a major copper-gold mine in British Columbia that is transitioning from an open-pit mine to a block-cave underground operation.

Newmont's sustaining capital expenditures for its managed operations in 2026 are estimated at $1.66 billion and $290 million for its partnered efforts, for a total of $1.95 billion.

Subscribers can click here to see all of the active and planned projects from Newmont across the globe.

Earnings and Production Results

Newmont expects attributable gold production of approximately 5.3 million ounces in 2026--including more than 3.9 million ounces from its managed operations--down from 5.9 million ounces in 2025.

The miner expects production from Nevada Gold Mines and Pueblo Viejo to be lower in 2026, as indicated by Barrick.

Newmont reported $7.2 billion in net income for 2025, up from $3.3 billion in 2024, as a result of high gold prices as opposed to operational performance.

The company realized $4,216 per ounce in Q4, up 60% year-over-year; an average of $3,498 per ounce for the full year was up from $2,408 in 2024.

Those surges outweighed attributable production of 1,453 thousand ounces in Q4, down from 1,899 thousand ounces year-over-year; 5,890 thousand ounces in 2025 compared with 6,850 thousand ounces in 2024.

Key Takeaways

• Newmont and Barrick's Nevada joint venture has become contentious.
• Barrick is looking to file an IPO for its majority-owned asset.
• Newmont must give formal consent for the proposed IPO and holds a right of first refusal.

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About IIR News Intelligence
IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resources' Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).