Newmont Corporation issued a notice of default to Barrick Gold Corp. on February 3, 2026, after identifying evidence of mismanagement in their Nevada Gold Mines (NGM) joint venture. Newmont announced the notice on February 20, 2026, accusing Barrick of diverting joint‑venture funds to develop Barrick’s wholly‑owned Fourmile project.
The NGM joint venture is owned 61.5 % by Barrick and 38.5 % by Newmont. Barrick operates the venture, while Newmont holds a minority stake. The notice alleges that Barrick has redirected capital that should have supported NGM operations toward the Fourmile development, a claim that could alter the financial and operational dynamics of the partnership.
Newmont’s Q4 2025 results provide context for the dispute: adjusted earnings per share rose to $2.52 from $1.40 a year earlier, and revenue climbed to $6.818 billion, up 20.6 % year‑over‑year. Barrick’s Q4 2025 earnings were equally strong, with net earnings of $2.406 billion versus $996 million a year earlier and sales of $5.997 billion, up 64.5 % year‑over‑year. These robust results underscore the significance of the NGM dispute for both companies’ financial outlooks.
NGM’s attributable gold production increased 17 % to 293,000 ounces in the fourth quarter, indicating strong operational performance. The default notice could disrupt this momentum and affect Newmont’s share of production and revenue from the venture. Barrick has 30 days to remedy the alleged default, a period that could see corrective actions or, if unresolved, potential litigation that would further impact the joint venture’s stability.
Newmont CEO Natascha Viljoen said the notice was issued after evidence of mismanagement, while Barrick CEO Mark Hill stated that Barrick disagrees with the claims but is constrained by confidentiality provisions. The dispute complicates Barrick’s planned spin‑off of its North American assets, which requires Newmont’s approval and could delay or alter the transaction.
Investors reacted to the uncertainty surrounding NGM operations and the potential impact on Newmont’s growth strategy. The dispute also affects Barrick’s strategic plans, as the spin‑off of its North American assets hinges on resolving the joint‑venture conflict.
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