Nevada Gold Mines Dispute Escalates as Newmont Notifies Barrick of Default

Under the agreement, Barrick has 30 days to remedy the issue or initiate corrective action, failing which the dispute could proceed to a Nevada court.

SEATTLE (Scrap Monster): Barrick Gold’s plan to spin off its North American assets has encountered fresh turbulence after joint venture partner Newmont issued a formal notice of default tied to operations at Nevada Gold Mines (NGM).

In a filing with the US Securities and Exchange Commission, Newmont alleged Barrick diverted resources from NGM to advance its wholly owned Fourmile project, potentially breaching their 2019 joint-venture agreement. Under the agreement, Barrick has 30 days to remedy the issue or initiate corrective action, failing which the dispute could proceed to a Nevada court.

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Newmont CEO Natascha Viljoen said discussions remain constructive and focused on improving performance at the Nevada operations. Barrick CEO Mark Hill disputed the claims but emphasized commitment to shareholder value.

NGM is critical to Barrick’s valuation, accounting for an estimated 60% of its market worth, according to RBC Capital Markets. The dispute complicates Barrick’s proposed spinoff, which would include its NGM stake and other joint assets. Meanwhile, Barrick faces continued production declines, with output expected to fall again this year.

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