Barrick Mining reached a settlement with rival Newmont resolving all disputes over their joint venture in Nevada, securing a $1.95 billion payment and removing the final roadblock to spinning off its North American gold assets.

Under the agreement, Newmont has formally consented to Barrick's spinoff plans set for late 2026, while both miners agreed to fold key previously excluded properties, such as Barrick's high-grade Fourmile discovery and Newmont's Mike and Fiberline deposits, into an expanded complex holding nearly 100 million ounces of gold.

Newmont agreed to make the $1.95 billion top-up payment to Barrick in cash within 30 days, Barrick said.

The deal resolves governance disputes stemming from the 2019 creation of the Nevada Gold Mines joint venture, which the two mining majors established after Barrick dropped an $18 billion hostile takeover bid for Newmont.