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Newmont Corp., a partner with Barrick Mining Corp. in its most important mines, wants the Canadian company to improve the operations before it spins off the assets and believes it has the power to potentially block the initial public offering, according to people familiar with the matter.
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Barrick last week announced plans to sell 10 per cent to 15 per cent of those operations through a late-2026 IPO. The spinoff includes the company’s flagship Nevada joint-venture — Barrick owns 61.5 per cent and Newmont 38.5 per cent — along with the wholly owned Fourmile development and a mine in the Dominican Republic.
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Newmont, which has been critical of Barrick’s management of the Nevada project after several years of under-performance, believes the IPO requires its approval, according to the people, who asked not to be named as the matter is private.
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A spokesperson for Barrick was not immediately able to comment outside of Canadian business hours. Representatives of Newmont declined to comment.
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Barrick’s planned IPO — spinning off North American assets that could be worth more than US$60 billion — is part of a strategic reset following a number of operational setbacks. That resulted in a management shakeup that began with the abrupt departure of chief executive Mark Bristow in September.
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The miner posted a sixth straight year of declining output in 2025, with production hitting the lowest levels in at least 25 years. Barrick expects volumes to fall further in 2026, including at its Nevada joint-venture, the core asset in the new North American unit.
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In response to questions on an investor call last week, Barrick executives declined to say whether the company has held talks with Newmont over right-of-first-refusal provisions in the Nevada joint-venture agreement signed in 2019.
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Newmont, the world’s biggest gold producer, was examining a potential deal to gain control of Barrick’s prized Nevada assets, Bloomberg News reported in October.
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