TORONTO, Jan 23 (Reuters) - Canadian miner Barrick's efforts to spin off its North American assets will hinge on the company's joint venture partner Newmont ( NEM ), according to documents seen by Reuters and former Barrick executives that demonstrate a reversal of fortunes for two global mining companies.

Denver-based Newmont's ( NEM ) power over Barrick's strategy is a significant change from a few years ago when the Canadian miner had hoped to buy Newmont's ( NEM ) minority stake in the Nevada mines. A decade earlier, Barrick tried to acquire Newmont. 

Newmont ( NEM ) has the first right of refusal ‌if Barrick tries to sell its stake in Nevada Gold Mines (NGM), the company's main North American asset, the documents show. Barrick owns 61.5% and Newmont ( NEM ) 38.5% in the mine. 

Last year, Barrick announced a restructuring of operations to ​carve out the  North America business from riskier operations in the rest of the world, following former CEO Mark Bristow's departure.

Barrick's proposed initial public offering ‍of North American assets includes NGM, Pueblo Viejo mine in the Dominican Republic and the underdeveloped Fourmile mine, also in ⁠Nevada.

In filings made with the U.S. Securities ⁠and Exchange Commission, the joint venture agreement between Barrick and Newmont ( NEM ) specifies that either party must offer its Nevada joint venture interest to the other member before it considers selling to a third party.  ‌Any transfer of shares requires the consent of the other party, the documents seen ​by Reuters show.

Barrick will also need Newmont ( NEM ) to fund the capital for Fourmile, according to a person aware of the development which the miner has been touting as its future flagship asset and will also become part of the IPO. During a call ⁠with analysts in October 2025, Newmont's ( NEM ) incoming CEO Natasha Viljoen said the company ‍was waiting for some ​information from Barrick before committing additional capital. 

Barrick's effort to restructure, potentially by splitting into two entities, is one of the most anticipated mining stories of 2026, given strong investor interest in gold bullion with prices hitting successive record highs. The company is expected to outline its ‍plans in February during its Q4 earnings. 

In an email response, Barrick said it respects the joint venture with Newmont ( NEM ) and abides by all the terms. Newmont ( NEM ) spokesperson said the company's Nevada Gold Mines joint venture agreement has not changed from what is publicly available.

"Regarding Barrick's potential IPO of its North American gold assets, Newmont ( NEM ) does not have any information above and beyond what is in the public domain," Newmont ( NEM ) spokesperson said. The company did not comment on whether it will fund the Fourmile expansion. 

Although Barrick shares jumped 130% in 2025,  the company's returns have been lower than its peers in the last five years, gaining 52% over ​the period while rival ‍Agnico Eagle jumped 142%. Barrick is still considered undervalued.

Newmont's ( NEM ) say over the sale of the Nevada mines despite having only a minority stake in them is unusual, according to three executives aware of the restructuring efforts. The current contract was set up after years of back ​and forth between the companies, where Barrick in 2019 was keen to buy Newmont ( NEM ). The merger did not happen, and both companies struck a joint venture for Nevada. 

"Newmont ( NEM ) has done a really good job of being able to call the shots, it was not long ago that Barrick wanted to buy Newmont ( NEM )," said a former executive of Barrick aware of the joint venture details. 

Barrick had a tumultuous year in 2025. Mali's military government seized its mine there and incarcerated its employees before the company negotiated a deal to get the mine back and its employees released. Barrick's CEO left, and the company is looking to restore investor confidence under the leadership of chairman John Thornton. 

Interim CEO Mark Hill is running the ​company while Barrick hunts for a new CEO, who must deal with large institutional investors such as BlackRock and activist firm Elliott. This month, Barrick appointed Helen Cai as new chief financial officer. The North America business is valued at around $42 billion and analysts expect the new company could trade better than the current combined entities.

On Friday shares of Barrick were trading up by 1.90% at ‍the Toronto Stock Exchange and Newmont ( NEM ) shares were trading up 1.52% at New York Stock Exchange. 

(Divya Rajagopal in Toronto; Editing by Caroline Stauffer, Veronica Brown and David Gregorio)