Barrick, Newmont settle dispute with $1.95B deal

Key Points:

• Barrick Mining and Newmont have resolved their disputes over Nevada Gold Mines, with Newmont paying Barrick $1.95 billion and key projects being integrated into the joint venture, alongside revised governance terms.
• The settlement clears the way for Barrick's planned IPO of its North American gold assets, which Newmont has agreed to, helping Barrick proceed with its separation strategy by year-end amid investor scrutiny.
• Barrick's Q2 adjusted earnings missed analyst expectations due to higher production costs and tax penalties, despite an 11% increase in gold output and a 28% rise in operating cash flow to $1.7 billion.
• The company maintained its full-year production and cost guidance but lowered its capital expenditure forecast, while the North American IPO remains on track with Mark Hill named CEO of the new entity.
• Investor pressure mounts on Barrick's leadership, with calls for chairman John Thornton to step down after a decade at the helm, as the company has lagged behind peers and lost its position as the second-largest global gold producer.