Barrick and Newmont settle Nevada Gold Mines dispute with $1.95 billion deal

Published Aug 10, 10:51 AM UTC

Barrick Mining and Newmont have resolved their disputes over the Nevada Gold Mines joint venture in a deal requiring Newmont to pay Barrick $1.95 billion. The agreement brings Barrick's Fourmile project and Newmont's Fiberline and Mike projects into the joint venture, and includes revised governance provisions. Newmont also consented to Barrick's planned IPO of its North American gold assets, removing a key hurdle. The settlement comes as Barrick reported Q2 adjusted earnings of $0.82 per share, meeting estimates, with gold production rising 11% to 796,000 ounces. However, higher production costs and tax penalties in Mali weighed on results. Barrick faces investor pressure over leadership, with chairman John Thornton under criticism for the company's underperformance relative to rivals. The North American IPO, led by CEO-designate Mark Hill, is seen as a critical move to unlock value.