Newmont’s Strategic Leverage in Nevada Gold Venture

The future of one of the world's most valuable gold mining operations now hinges on a single company's approval. Newmont Mining holds decisive veto power over rival Barrick Gold's proposed spin-off of its North American assets, a fact underscored as Newmont's stock price closed at a record high of $121.60 on Friday.

Barrick Gold's intention to separate its North American business, with the Nevada Gold Mines (NGM) joint venture at its core, became clear late Friday. The critical obstacle lies in the partnership's founding agreement: Newmont possesses both a right of first refusal and an outright veto over any transfer or sale of Barrick's stake.

While Barrick is the majority owner with a 61.5% share of NGM, compared to Newmont's 38.5%, the contractual terms grant Newmont significant blocking authority. A company spokesperson confirmed the existing agreement remains unchanged and that Newmont has not yet received specific details regarding the planned initial public offering. More information is anticipated when Barrick presents its quarterly figures in February.

Shifting Dynamics Between Mining Titans

This standoff highlights a notable reversal in the balance of power between the two global gold mining leaders. A decade ago, Barrick was the aggressor in an attempted takeover of Newmont. Today, regarding the lucrative Nevada operations, Newmont undeniably holds the strategic advantage.

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The NGM joint venture itself, established in 2019, consolidated assets and ended years of rivalry in the mineral-rich Nevada region. Barrick's timing for a spin-off appears strategically aligned with favorable market conditions; gold futures are testing the $5,000 per ounce threshold as of January 2026, fueling sector-wide interest in strategic portfolio realignments.

Forthcoming Decisions and Leadership Tests

February will be a decisive month. Barrick is expected to unveil further details of its separation plan. For Newmont's newly appointed Chief Executive, Natascha Viljoen, who assumed the role on January 1, this situation presents her first major strategic challenge. Coincidentally, Newmont is scheduled to release its own fourth-quarter and full-year 2025 financial results on February 19.

The record share price achieved on Friday suggests investors are closely watching how this leverage will be exercised in the coming weeks, with substantial value resting on the outcome of these corporate negotiations.