Barrick’s Planned Spinoff Faces Potential Hurdle from Partner Newmont

Barrick Mining CA0679011084

Barrick Gold's strategy to spin off its North American mining operations into a separate publicly traded entity may encounter a significant obstacle. According to recent regulatory filings reviewed by Reuters, the company's joint-venture partner, Newmont Corporation, holds a right of first refusal on Barrick's stake in the crucial Nevada Gold Mines (NGM) operation. This asset is central to the proposed new company.

The Canadian gold and copper producer intends to separate its North American assets through an initial public offering. However, Securities and Exchange Commission (SEC) documents indicate that Barrick must first offer its 61.5% interest in NGM to Newmont before any sale to external parties can proceed. Newmont currently owns the remaining 38.5% share of the joint venture.

The planned spinoff is expected to include not only the NGM assets but also the Pueblo Viejo mine in the Dominican Republic and the undeveloped Fourmile project in Nevada. Barrick has positioned Fourmile as a future flagship asset, yet its development is also subject to Newmont's cooperation.

The existing joint-venture agreement stipulates that both partners are required to provide capital for the Fourmile project. Reuters reports that Newmont has indicated it will await further information from Barrick before committing to any financing arrangement for the venture.

Leadership Transition Amid Strategic Uncertainty

Barrick announced on January 19 that Helen Cai will assume the role of Chief Financial Officer, effective March 1, 2026. Cai, who has served on the company's board since November 2021, will succeed Graham Shuttleworth following the release of the annual results.

The mining group has been operating under interim leadership since the departure of former CEO Mark Bristow in 2025. Chairman John Thornton is currently overseeing efforts to restore investor confidence while the search for a permanent chief executive officer continues.

Key Data Points:
* Financial Results Date: February 5, 2026 (Q4 and Full-Year 2025)
* Incoming CFO: Helen Cai, effective March 1, 2026
* NGM Ownership: Barrick Gold 61.5%, Newmont Corporation 38.5%

The quarterly results presentation on February 5 is anticipated to provide clarity. Barrick is expected to disclose specific details regarding the proposed corporate separation—provided its partner Newmont agrees to the terms.