Newmont Agrees To Pay Barrick $1.95 Billion Cash, Ending Its Nevada Gold Mines Fight
The gold miner's quarterly report swaps January's mismanagement claims for a cash payment, an asset swap and a settlement of every open dispute.
Newmont agreed to pay Barrick $1.95 billion in cash as part of an August 10 amendment to their Nevada Gold Mines joint venture, which the company says resolves all outstanding disputes with its partner, according to its quarterly report filed Thursday. Newmont, the gold miner that also produces copper, silver, lead and zinc, had spent the first half of the year accusing Barrick of mismanaging the venture.
Cash, properties and a peace deal
The payment is due within 30 days after Barrick's Fourmile development property is contributed to Nevada Gold Mines, or NGM. Newmont says it expects to pay from available liquidity.
The amendment also moves Newmont's Fiberline and Mike development properties into the venture. Contribution of all three is expected in the fourth quarter of 2026.
Fiberline and Mike carry no value on Newmont's books, so the company expects to book a gain when the contribution completes. Its 38.5% Fourmile stake will be valued from the cash paid plus 61.5% of Fiberline and Mike's fair value.
Newmont also gives its blessing to Barrick's planned IPO of certain assets, and the venture's governance rules get tightened.
From default notice to settlement
The prior quarter's report described a January 26 notice that Newmont had found evidence of mismanagement, including diversion of NGM resources to Fourmile, and a February 3 default notice. That report warned the disagreement could have a material adverse effect on NGM and Newmont.
The new filing drops both accounts and says the amendment ends the disputes.
NGM matters to Newmont's sales. It bought gold doré from the venture for resale worth $1,016 million in the third quarter, against $854 million a year earlier.
Buybacks and a big cash pile
Newmont repurchased $5,241 million of stock in the first nine months of 2026, and another $451 million after quarter-end through the filing date. It still ended September with $8,827 million in cash and cash equivalents, before the Barrick payment, and no borrowings on its $4,000 million credit line.
In the third quarter, net income attributable to stockholders was $2,475 million, up from $1,832 million a year earlier, on sales of $6,363 million. The company's market value was $123.5 billion.
The fourth quarter will show whether Fourmile, Fiberline and Mike move into NGM, which starts the 30-day clock on the $1.95 billion.
Sources
- 10-Q Filing — Newmont Corp. (NEM) — SEC EDGAR
- 10-Q Filing — Newmont Corp. (NEM), Q2 FY2026 filed 2026-07-23 (comparison basis) — SEC EDGAR
- Earnings release (8-K Item 2.02, newmontq32026earningsrelea.htm) — Newmont Corp., filed 2026-10-22 — SEC EDGAR
- Newmont beats third-quarter earnings expectations as higher gold sales boost profits; miner raises 2026 cost outlook | Kitco News — kitco.com
- Newmont Reports Third Quarter 2026 Results with Record Third Quarter Adjusted Net Income; Positioned to Achieve Full-Year Guidance; Provides Update on Red Chris Block Cave Project | Financial Post — financialpost.com
- Newmont Q3 Adj. EPS $2.20 Beats $2.11 Estimat... — benzinga.com
- Agnico, Barrick, and Newmont fall following broad Freedom Broker downgrades — Yahoo Finance
- Barrick Sinks 5.7% as Freedom Broker Cuts Gold Majors to Hold, Slashes Target to $46 — Yahoo Finance
