Newmont Pays Barrick $1.95bn to Expand Nevada Joint Venture
Newmont settles a long-standing dispute with Barrick Gold by paying $1.95bn to integrate high-grade assets into their Nevada joint venture, while Almonty secures a strategic tungsten processing deal in Rwanda.
Newmont Mining has agreed to pay Barrick Gold US$1.95 billion in cash to expand their Nevada Gold Mining joint venture. The transaction resolves a protracted dispute over excluded properties and adds Barrick’s Fourmile project, along with Newmont’s Fiberline and Mike developments, to the combined operation. These assets are expected to be integrated within 30 days of the Fourmile contribution, enhancing operational synergy in one of the world’s most productive gold regions.
Simultaneously, tungsten producer Almonty has struck a strategic agreement with the Rwandan government to establish domestic processing capabilities. In exchange for an exploration license for the Shyorongi deposit and a 25% equity stake in Almonty’s local subsidiary, the company will build a facility to collect and upgrade ore from artisanal miners. This move allows Almonty to secure a supply chain for critical minerals while the company constructs its permanent processing infrastructure.
Nevada Asset Integration Finalized
The expansion of the Nevada Gold Mining joint venture brings the Fourmile, Fiberline, and Mike projects under a single operational umbrella. Fourmile is characterized as a high-grade gold deposit adjacent to Barrick’s existing Goldrush project, while Fiberline and Mike were previously held by Newmont outside the joint venture. The cash payment of US$1.95 billion effectively compensates Barrick for its contribution, finalizing a structure that both companies had contested since the original agreement.
Regulatory filings indicate the properties will be added to the joint venture within 30 days following the formal contribution of the Fourmile project. This consolidation aims to streamline operational efficiency and reduce overhead costs associated with managing separate but geographically adjacent assets. The resolution of the dispute, concluded in August 2026, removes a key source of friction between the two major producers and stabilizes the ownership structure of the Nevada Gold Mines complex.
Rwandan Tungsten Processing Agreement
Almonty’s deal with Rwanda creates a direct link between local artisanal production and global export markets. The company will source ore, pre-concentrate, and panning tailings from small-scale license holders and domestic entities during the initial phase of the project. This strategy provides immediate revenue streams while Almonty develops the capital-intensive collection and processing plant required for long-term operations.
The Rwandan government retains a 25% share in the local subsidiary, ensuring a direct economic stake in the upgraded mineral output. In return, Almonty receives a mineral processing license and the exploration rights for the Shyorongi tungsten deposit. CEO Lewis Black noted that the agreement allows the company to collect and export material already being produced, bridging the gap between current artisanal output and future industrial-scale processing capabilities.
Deep Sea Mining Permits Imminent
US Interior Secretary Doug Burgum announced that the government plans to issue permits for deep-sea mining within the coming months. Speaking at a G20 energy ministers meeting in Houston, Burgum emphasized the need for diverse and secure supplies of critical minerals such as manganese, nickel, cobalt, and copper. These elements are found in polymetallic nodules on the deep seabed, located in areas beyond national jurisdiction.
The move follows Executive Order 14285, signed in 2025, which authorized greater federal interest in deep-sea resource extraction. Recent advances in automated mining vehicles capable of operating at depths exceeding 4,000 meters have made the harvesting of these nodules technically feasible. The US government views this domestic supply chain as a critical component of national security, aiming to reduce reliance on foreign sources for essential industrial materials.
