Barrick Mining and Newmont have signed a new agreement regarding their Nevada Gold Mines (NGM) joint venture, ending all outstanding disputes between the companies and consolidating previously excluded mining projects into the partnership.
The deal brings Barrick’s Fourmile as well as Newmont’s Fiberline and Mike developments into NGM, which is described as creating a gold asset of nearly 100 million ounces (moz) in Nevada.
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As part of the agreement, Newmont will pay Barrick $1.95bn in consideration for these contributions.
The two companies have also updated the joint venture’s governance under a modernised agreement.
With these changes, Newmont has granted approval for Barrick’s plan to float its North American gold assets in an initial public offering (IPO), with completion targeted for later this year.
Mark Hill is set to become chief executive of the planned new company upon separation.
Barrick operates in 17 countries and is said to be the largest gold producer in the US.
Operationally, the company reported that gold production in the second quarter rose 11% from the previous quarter to 796,000 ounces (oz), exceeding earlier estimates.
The company attributed increased output to a faster ramp-up at Loulo-Gounkoto and a quicker recovery at Pueblo Viejo following maintenance, as well as record underground tonnage at Cortez with the Goldrush project continuing to scale up.
Copper production reached 56,000 tonnes (t) for the quarter.
Financial results for the period ended 30 June 2026 showed Barrick generated $5.29bn in revenue and $1.70bn in operating cash flow, both rising year-on-year.
Net earnings stood at $1.22bn, an increase of 50% over the same period last year, while net earnings per share reached $0.73.
Adjusted net earnings per share rose to $0.82, up 74% from the comparable quarter in 2025.
Barrick declared a quarterly dividend of $0.175 and reported share buybacks of $1.2bn during the quarter.
The company said its full-year production and cost guidance remains unchanged, and its attributable capital expenditure estimate has been reduced to $3.8bn–$4.2bn.
