Newmont Eyes Bigger Share in Nevada Gold JV

Newmont Corporation ($NEM) is evaluating a potential transaction to gain full control of Barrick Gold’s ($B / $GOLD) Nevada mining operations, according to a Bloomberg report on Friday.

The move could reshape ownership of some of North America’s most valuable gold assets, though it remains unclear how receptive Barrick is to any acquisition approach.

Current Structure and Strategic Options

Newmont currently holds a minority stake in a Nevada joint venture managed by Barrick. The company is reportedly considering several options to expand control, including:

A direct bid for Barrick’s stake in the joint venture, or
A full takeover of Barrick, followed by divestiture of non-core assets

The report indicates that Newmont is less interested in Barrick’s African operations and the Reko Diq copper-gold project in Pakistan.

Market Reaction and Financial Context

Despite the takeover speculation, Newmont shares fell 6.2% on Friday. The drop came as the miner’s Q3 earnings beat expectations, but concerns over weaker production and a modest gold output decline expected in 2026 weighed on sentiment.

Operational Update: Ahafo North Milestone

Separately, Newmont announced that its Ahafo North project in Ghana has reached commercial production, marking completion of one of West Africa’s largest recent mining developments.
The project strengthens Newmont’s global production base at a time of strategic portfolio realignment.

Industry Implications

A potential deal between Newmont and Barrick would mark one of the biggest consolidations in the gold mining industry in years, potentially giving Newmont unified control over Nevada’s high-grade deposits and cost synergies in exploration, processing, and logistics.