Barrick and Newmont Nevada Gold Mines expansion

The Nevada Gold Mines joint venture, operated by Barrick Gold Corporation and Newmont Corporation, has undergone significant expansion and restructuring.

Initially, Ridgeline Minerals sold four Nevada exploration projects—Swift, Black Ridge, Bell Creek, and Atlas—to the joint venture for US$33 million.

Subsequently, Barrick and Newmont reached a definitive agreement to expand the venture and resolve all outstanding disputes. Under this deal, Barrick contributed its Fourmile project, while Newmont contributed its Fiberline and Mike developments. In exchange, Newmont agreed to pay Barrick $1.95 billion in cash. This consolidation integrates all properties owned by both companies in Nevada—including Cortez, Carlin, Turquoise Ridge, Phoenix, Fourmile, Fiberline, and Mike—into a single unified platform. The enlarged complex is expected to contain nearly 100 million ounces of gold and is intended to optimize operational efficiency.

The resolution also included Newmont providing consent for Barrick’s planned initial public offering (IPO) of its North American gold assets, which is intended to include the Nevada Gold Mines venture, Pueblo Viejo, and other North American exploration properties. This IPO is targeted for completion by late 2026, subject to market conditions and approvals.

In related financial reporting, Barrick noted strong second-quarter results, including a significant increase in revenue and adjusted earnings per share, with gold production exceeding previous guidance. However, the company also noted an increase in all-in sustaining costs to $1,866 per ounce, citing higher fuel costs and lower grades at certain sites.