Newmont Working With Barrick to Lift Nevada Operation, Calls for Venture Agreements to Be Respected

By Robb M. Stewart

Nemont said it is taking steps to address the underperformance of the Nevada Gold Mines operation with venture partner Barrick, which is pushing ahead with plans to float a minority stake in its North American gold assets.

Newmont said that any transaction involving its joint ventures must respect protections in agreements between the companies, including transfer restriction requirements. It said its main concern is the operation and management of Nevada Gold Mines, "which has suffered a degradation in performance and subsequent asset value over the past six years."

The gold miner said its goal with Barrick is to reverse the decline in performance in Nevada and to ensure the assets generate the value they are capable of delivering.

Last week, Barrick's board gave the go ahead for the Toronto-based mining company to pursue an initial public offering of its prized gold operations by the end of the year.

The new company that will be floated will house Nevada Gold Mining, Barrick's wholly owned Fourmile discovery in Nevada, and the Pueblo Viejo mine in Dominican Republic. Newmont has a 38.5% interest in the Nevada operation, which is covered by a venture agreement that includes disclosure requirements and preferential purchase rights, and a 40% stake in Pueblo Viejo.

Details of just how the split will work have yet to be decided, through Barrick said it plans to retain a significant controlling interest in the North American gold assets, which accounted for a little more than 60% of the 3.26 million troy ounces produced last year. Barrick management said venture agreements would be respected.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

February 09, 2026 07:34 ET (12:34 GMT)