Barrick and Newmont end Nevada Gold Mines dispute in $1.95 billion agreement
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Barrick and Newmont settled Nevada Gold Mines disputes, with Newmont paying $1.95B and adding key projects to the JV, reducing governance and execution uncertainty for the sector. Barrick's Q2 adjusted EPS missed expectations as higher costs and tax penalties offset better-than-guided production, while cash flow improved and capex guidance was trimmed. The news is broadly supportive for gold-mining risk sentiment but signals persistent cost pressures.
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Barrick Mining and Newmont have reached an agreement to resolve their dispute over the Nevada Gold Mines joint venture, with Newmont set to pay $1.95 billion and several key projects to be folded into the venture. Barrick also reported second-quarter results, with adjusted earnings of $0.82 per share versus analysts’ $0.88 estimate, even as gold output rose 11% quarter over quarter to 796,000 oz. Costs included gold cost of sales of $1,993 per oz. and all-in sustaining costs of $1,866 per oz., while operating cash flow increased 28% year over year to $1.7 billion. The miner maintained full-year production and cost guidance but cut its expected attributable capital expenditures to $3.8 billion–$4.2 billion.
