Barrick’s $60 Billion Spin-Off Faces a Nevada Showdown with Newmont

Barrick Mining advances North American spin-off with NYSE listing plans, but a legal feud with Newmont over Nevada Gold Mines threatens the $60B IPO timeline.

Barrick Mining has locked in the leadership team and exchange listings for its planned North American spin-off, but the clock is ticking on a legal feud with joint-venture partner Newmont that could derail the entire IPO.

The new entity, to be called North American Barrick, will pursue a primary listing on the New York Stock Exchange with a secondary listing in Toronto. Management aims to float 10% to 15% of the company by the end of 2026, subject to market conditions and regulatory approvals. The spin-off is part of a broader reset for a miner that posted its sixth consecutive year of declining production in 2025 — the lowest output in at least a quarter-century.

A Portfolio Worth $60 Billion

The assets being carved out include four Tier-One operations: the Nevada complexes of Carlin, Cortez, and Turquoise Ridge, plus the Pueblo Viejo mine in the Dominican Republic. Together, these properties produced roughly two million ounces of gold in 2025 on Barrick’s share basis. Analysts peg the spin-off’s total value at more than $60 billion.

A wild card in the portfolio is Fourmile, a wholly owned Nevada project that Barrick calls one of the most significant gold discoveries of the century. The company plans to eventually fold Fourmile into the Nevada Gold Mines joint venture, which it operates with a 61.5% stake. That integration, however, requires close coordination with Newmont, which holds the remaining 38.5%.

The Newmont Conflict Escalates

The legal dispute centers on Nevada Gold Mines, which represents roughly 60% of Barrick’s market value. Newmont issued a notice of default earlier this year, accusing Barrick of diverting resources toward Fourmile at the expense of the joint venture. The 30-day cure period expired in March without resolution, and formal court proceedings are now underway in Nevada, with initial hearings scheduled for May 2026.

On a recent earnings call, Newmont’s interim CFO Peter Wexler confirmed the notice remains active and that no fixed timeline exists for a settlement.

The conflict runs deeper. Newmont is also a minority partner at Pueblo Viejo and has internally argued that its consent is required for the spin-off. Barrick counters that it can proceed without Newmont’s approval, though it says it is working closely with the partner to maximize value for all stakeholders.

Leadership in Place, Key Dates Ahead

On the personnel front, Barrick has filled the senior roles for the new entity. Wessel Hamman steps in as CFO, Tim Cribb takes the chief operating officer position, and the legal, technical, human resources, exploration, and sustainability functions are all staffed. Mark Hill, who became CEO in February 2026, is overseeing the structural transition.

The coming weeks will be pivotal. Barrick’s annual general meeting is set for May 8, followed by first-quarter results on May 11. The subsequent analyst call is expected to focus heavily on the Nevada conflict and whether the year-end IPO timeline remains realistic.

Analysts are divided on the outlook. Steven Green of TD Securities welcomed the New York primary listing, calling it a clear regulatory framework for international investors. But Martin Pradier of Veritas Research warned of potential delays, noting that Barrick may need more time to resolve the open questions with Newmont before the share sale can move forward.