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NewsDigital Assets · JPM

Barrick Mining clears Nevada joint-venture hurdle as $1.95 billion Newmont settlement funds North American gold IPO

The development in focus for Barrick Mining (NYSE: B) is the Aug. 10 agreement with Newmont (NYSE: NEM) that resolves years of governance and operational friction around their 2019 Nevada Gold Mines (NGM) joint venture, in which Barrick holds a 61.5% stake. Under the terms, Newmont is required to deliver $1.95 billion in cash to Barrick within 30 days. Critically, Newmont also consented to Barrick proceeding with an IPO and spinoff of its North American gold assets, a path previously blocked by the dispute.

By Grant HalloranDigital Assets DeskAugust 20, 20262 min readJPM
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Key takeaways

  • Barrick Mining reached an Aug. 10 agreement with Newmont resolving disputes over their 2019 Nevada Gold Mines joint venture, in which Barrick holds a 61.5% stake.
  • Newmont must deliver $1.95 billion in cash to Barrick within 30 days and consented to Barrick's previously blocked IPO and spinoff of its North American gold assets.
  • Barrick's Q2 results showed free cash flow of $1.7 billion (up 28% year over year), EPS of $0.73 (up 55%), and attributed adjusted EBITDA of $2.55 billion (up 51%).
  • The proposed IPO vehicle would bundle Nevada Gold Mines, the Pueblo Viejo mine, and the Fourmile gold mine into a standalone entity holding nearly 100 million ounces of gold.
  • Gold spot traded at $4,423.20 per ounce as of Aug. 17, below the year's high of $5,344.30 set at the end of January.

The development in focus for Barrick Mining (NYSE: B) is the Aug. 10 agreement with Newmont (NYSE: NEM) that resolves years of governance and operational friction around their 2019 Nevada Gold Mines (NGM) joint venture, in which Barrick holds a 61.5% stake. Under the terms, Newmont is required to deliver $1.95 billion in cash to Barrick within 30 days. Critically, Newmont also consented to Barrick proceeding with an IPO and spinoff of its North American gold assets, a path previously blocked by the dispute.

Q2 print and what the balance sheet looks like now

Barrick's second-quarter results, reported before markets opened on Aug. 10, showed free cash flow from operations of $1.7 billion, up 28% year over year. Earnings per share came in at $0.73, a 55% increase over the prior-year period. Attributed adjusted EBITDA reached $2.55 billion, up 51% year over year. The print was strong. Shares are still down more than 2% year-to-date, and the tape has given the earnings little credit in the session.

The $1.95 billion from Newmont lands on a balance sheet that already produced that Q2 free cash flow number. Management plans to direct a portion toward copper expansion, specifically the Lumwana mine in Zambia, where a mill expansion is expected to double copper production. Barrick also reported $1.2 billion in stock buybacks during the quarter as part of a $3 billion repurchase program begun in 2026.

On the dividend: the company established a quarterly base of $0.175 per share this year, with a potential year-end bonus. The payout ratio sits at 24%. If 50% of annual total free cash flow exceeds the $0.70 per share paid through the four base distributions, the difference flows as a year-end performance top-up. The yield stands at roughly 2.16%, about twice the S&P 500's average. The stock trades at around 11.5 times forward earnings, below its 10-year average.

The setup and what to watch

The proposed IPO vehicle would bundle NGM, the Pueblo Viejo mine in the Dominican Republic, and the high-grade Fourmile gold mine in Nevada into a standalone public entity holding nearly 100 million ounces of gold. Fourmile has 20 active drilling rigs running this quarter. Pueblo Viejo is expanding its plant. For current Barrick shareholders, the spinoff offers direct exposure to a rerated entity without dilution.

Gold in spot sat at $4,423.20 per ounce as of Aug. 17, off the year's high of $5,344.30 set at the end of January and above the June 24 low of $4,008.30. In June, JPMorgan Chase Global Research projected gold averaging $6,000 per ounce by the fourth quarter of 2026, rising to $6,300 by end of 2027. Those numbers carry conditions: falling real yields, a softer dollar, and sustained official-sector and investment demand would need to hold.

What to watch: the IPO filing for the North American gold asset spinoff, and the Newmont cash delivery, due within 30 days of the Aug. 10 settlement announcement.

Related reading

About this story

Filed by the digital assets desk of MarketPR on August 20, 2026. Source: finance.yahoo.com. Indicative figures are not investment advice.

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Frequently asked

What did the Newmont settlement require?

Newmont must pay Barrick $1.95 billion in cash within 30 days of the Aug. 10 settlement and consented to Barrick proceeding with an IPO and spinoff of its North American gold assets.

What assets would the proposed IPO include?

The IPO vehicle would bundle Nevada Gold Mines, the Pueblo Viejo mine in the Dominican Republic, and the high-grade Fourmile gold mine in Nevada into a standalone public entity holding nearly 100 million ounces of gold.

How does Barrick plan to use the $1.95 billion from Newmont?

Management plans to direct a portion toward copper expansion, specifically the Lumwana mine in Zambia, where a mill expansion is expected to double copper production.

What is Barrick's dividend situation?

Barrick established a quarterly base dividend of $0.175 per share this year with a potential year-end bonus, a payout ratio of 24%, and a yield of roughly 2.16%, about twice the S&P 500's average.

What are the key things to watch going forward?

Investors should watch for the IPO filing for the North American gold asset spinoff and the Newmont cash delivery, which is due within 30 days of the Aug. 10 settlement announcement.