Barrick’s plan to separate and potentially list its North American gold portfolio will largely depend on the cooperation of joint-venture partner Newmont, according to documents reviewed by Reuters and comments from former Barrick executives.
The dynamic marks a shift from recent years, when Barrick had explored buying Newmont’s stake in their Nevada operations—and even earlier, when Barrick attempted to acquire Newmont outright. Today, Newmont holds meaningful contractual leverage over Barrick’s biggest North American asset: Nevada Gold Mines (NGM).
Under the joint-venture agreement, if Barrick seeks to sell or transfer its interest in NGM, it must first offer that stake to Newmont. The arrangement also requires the other partner’s consent for any share transfer, limiting Barrick’s ability to move the asset into a new structure without Newmont’s sign-off. Barrick owns 61.5% of NGM, while Newmont holds 38.5%.
Barrick has been working on a broader restructuring intended to separate its North America business from higher-risk operations elsewhere. The company previously indicated it was evaluating options that could include creating a standalone entity—potentially via an initial public offering—built around a package of assets that would include NGM, the Pueblo Viejo mine in the Dominican Republic, and the early-stage Fourmile project in Nevada.
Fourmile is also tied to Newmont’s cooperation in a different way: Barrick is expected to need Newmont’s participation on funding for capital spending at the project, according to a person familiar with the situation. In an October 2025 call with analysts, Newmont’s incoming CEO, Natasha Viljoen, said the company was awaiting further information from Barrick before committing additional capital.
The restructuring is widely seen as one of the biggest mining storylines to watch in 2026, driven by strong investor appetite for gold and a market backdrop of record bullion prices. Barrick is expected to provide an update on its plans in February alongside its fourth-quarter results.
Both companies struck a careful public tone. Barrick said it respects its partnership with Newmont and adheres to the terms of the joint venture. Newmont said the Nevada Gold Mines agreement remains unchanged from what has been disclosed publicly and added it had no additional information on Barrick’s potential North America IPO beyond what is already in the public domain. Newmont did not say whether it will back additional spending for Fourmile.
The contractual influence Newmont holds—despite being the minority partner—has raised eyebrows among some executives familiar with the situation, who described such control as unusual. The current structure was forged after prolonged negotiations that culminated in the 2019 creation of the Nevada joint venture, after a proposed merger between the two miners failed to materialize. One former Barrick executive characterized the outcome as Newmont being well-positioned to shape the next steps.
Barrick’s corporate reset comes after a turbulent 2025. The miner faced major disruption in Mali, where the military government seized a Barrick mine and detained employees before the company reached a deal that restored control of the operation and secured the employees’ release. The company also experienced leadership turnover, with CEO Mark Bristow departing and chairman John Thornton seeking to rebuild investor confidence.
Interim CEO Mark Hill is leading Barrick while the board searches for a permanent chief executive—an appointment expected to be closely watched by major shareholders such as BlackRock and activist investor Elliott. Barrick also recently named Helen Cai as its new chief financial officer.
Despite a sharp rally in Barrick’s share price during 2025, longer-term performance has lagged some peers. Analysts still describe the company as undervalued, and they estimate the North America business at roughly $42 billion—fueling expectations that a more focused entity could command a higher market valuation than the current combined structure.
