{"id":853655,"date":"2026-08-11T02:40:12","date_gmt":"2026-08-11T02:40:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/853655\/"},"modified":"2026-08-11T02:40:12","modified_gmt":"2026-08-11T02:40:12","slug":"barrick-mining-says-newmont-deal-clears-path-for-ipo","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/853655\/","title":{"rendered":"Barrick Mining says Newmont deal clears path for IPO"},"content":{"rendered":"

Barrick Mining<\/a> reported a rise in second-quarter profit, buoyed by higher bullion prices, and struck a $1.95 billion deal with Newmont to settle disputes over Nevada Gold Mines.<\/p>\n

Newmont<\/a> consented to Barrick\u2019s planned initial public offering of its North American gold assets, the companies said, clearing the path for an IPO that Barrick expects to complete by the end of this year.<\/p>\n

Barrick is looking for a new CEO to run its non-North American business. CEO Mark Hill, who will become CEO of Barrick\u2019s North American entity, said his personal preference would be for an internal candidate.<\/p>\n

The Canadian gold miner met analysts\u2019 profit estimate of 82 cents, according to data compiled by LSEG.<\/p>\n

It earned C$1.22 billion ($875.37 million), or 73 Canadian cents per share, for the three months ended June 30, compared with $811 million, or 47 Canadian cents per share, a year earlier.<\/p>\n

Barrick\u00a0shares were trading down 8 per cent on the Toronto Stock Exchange at 1:00 p.m. ET (1800 GMT).<\/p>\n

Higher fuel costs are adding to pressure on gold miners as the\u00a0U.S.-Israeli conflict with Iran\u00a0disrupts oil flows and keeps energy prices elevated.<\/p>\n

Barrick\u00a0said fuel expenses, lower grades and higher royalties contributed to an 11 per cent rise in gold all-in sustaining costs.<\/p>\n

Its second-quarter realized gold price rose 34 per cent from a year earlier to $4,417 per ounce, while gold output was flat at 796,000 ounces.<\/p>\n

Barrick\u00a0said lower grades processed at its Carlin and Cortez gold mines in Nevada and North Mara mine in Tanzania, along with higher fuel costs and royalties associated with the stronger realized gold price, drove the increase in gold costs.<\/p>\n

Its gold cost of sales rose 20 per cent in the second quarter to $1,993 per ounce, while gold\u2019s all-in sustaining cost, a key industry measure of the total cost of producing gold, including sustaining capital spending, rose 11 per cent to $1,866 per ounce.<\/p>\n

NEWMONT DEAL CLEARS IPO PATH<\/p>\n

Barrick\u00a0owns 61.5 per cent and Newmont 38.5 per cent in the Nevada Gold Mines joint venture. Earlier this year,\u00a0Reuters reported that\u00a0Barrick\u00a0will need Newmont\u2019s\u00a0approval to move ahead with its proposed North American spin-off, because Newmont has the first right of refusal if\u00a0Barrick\u00a0tries to sell its stake.<\/p>\n

Newmont also had disputes with\u00a0Barrick\u00a0regarding the operational issues at Nevada Gold Mines.<\/p>\n

Under the agreement announced on Monday,\u00a0Barrick\u00a0will transfer its Fourmile project to the Nevada Gold Mines joint venture, while Newmont will transfer its Mike and Fiberline projects and pay\u00a0Barrick\u00a0$1.95 billion in cash within 30 days.<\/p>\n

The agreement will create a nearly 100-million-ounce gold complex in Nevada,\u00a0Barrick\u00a0said.<\/p>\n

Barrick\u2019s planned North American IPO will include its interests in and operatorship of Nevada Gold Mines and Pueblo Viejo, the Fourmile project and other North American exploration properties, along with the assets contributed by Newmont.<\/p>\n

(Reporting by Varun Sahay in Bengaluru, Divya Rajagopal in Toronto, Additional reporting by Katha Kalia; Editing by Pooja Desai and Nia Williams)<\/p>\n","protected":false},"excerpt":{"rendered":"Barrick Mining reported a rise in second-quarter profit, buoyed by higher bullion prices, and struck a $1.95 billion…\n","protected":false},"author":2,"featured_media":853656,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[712,43,44,41,39,42,40],"class_list":["post-853655","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-apple-news","tag-headlines","tag-news","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/853655","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=853655"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/853655\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/853656"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=853655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=853655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=853655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}