Barrick Explores Spin-Off, Igniting M&A Talk Over Nevada JV
A strategic pivot under new leadership could force a multi-billion dollar reckoning with joint venture partner Newmont over the world's largest gold complex.
Barrick Gold is actively exploring a public offering for its North American assets, a sharp strategic pivot under new leadership that has ignited speculation over the future of its massive Nevada joint venture with rival Newmont Corp.
The move, announced December 1, represents a significant reversal from the stance of former chief executive Mark Bristow, who departed in September 2025. Bristow, the architect of the Nevada Gold Mines (NGM) partnership, had previously dismissed the idea of a public listing for the assets. The review, now steered by interim CEO Mark Hill, could unlock billions in shareholder value and potentially force Newmont, the junior partner in the venture, to make a decisive move.
Barrick is considering an IPO for a new, U.S.-listed entity that would hold its 61.5% interest in NGM, the Pueblo Viejo mine in the Dominican Republic, and the wholly-owned Fourmile project in Nevada. According to company statements, Barrick plans to sell a "small minority interest" while retaining a controlling majority in the new company. Hill positioned the review as a way to offer investors "greater optionality within a pure gold company focused on North American growth," with an update expected in February 2026.
This potential restructuring puts the spotlight squarely on the NGM joint venture, the world's largest gold-mining complex. The partnership was formed in 2019 as a truce to end Barrick's hostile takeover bid for Newmont, combining the two giants' extensive assets in the region. Barrick, with a market capitalization of around $70 billion, operates the joint venture, while Newmont, valued at nearly $100 billion, holds the remaining 38.5%.
A separately traded, Barrick-controlled Nevada entity could present a complex challenge for Newmont. It would create a pure-play vehicle for the world's most productive gold assets, but it could also serve as a prelude to a full-scale consolidation. Analysts suggest Newmont would be the most logical acquirer of the new company to gain full control over assets in its own backyard, a move that would likely carry a multi-billion dollar price tag.
The potential shake-up comes amid a broader surge in mining industry deal-making. Throughout 2024 and 2025, the gold sector has seen a wave of consolidation, as major producers leverage strong balance sheets and high gold prices to acquire high-quality, long-life assets. Newmont itself is no stranger to large transactions, having completed its acquisition of Newcrest Mining.
The strategic shift at Barrick is stark. In October 2024, former CEO Bristow unequivocally stated that an IPO for NGM would not happen "while I'm running this organization," citing a lack of capable management across the industry to run such an entity. The new direction under Hill signals a departure from that philosophy, prioritizing a structure that the company believes could attract a premium valuation from investors focused on top-tier, geopolitically stable assets.
As Barrick proceeds with its evaluation, the market will be closely watching for a response from Newmont. The outcome could redraw the landscape for gold production in North America and serve as the next major catalyst in the sector's ongoing consolidation.