Newmont (ASX:NEM) has issued a statement emphasising its legal protections and operational concerns regarding shared interests.
The tension centers on several high-value joint ventures, most notably Nevada Gold Mines, as well as Pueblo Viejo and Fourmile.
Newmont warned that any transaction resulting from Barrick's IPO must strictly adhere to existing joint venture agreements, specifically pointing to transfer restriction requirements that protect Newmont’s stake.
Beyond the legalities, Newmont took a direct swipe at Barrick’s recent stewardship of their shared Nevada operations.
The company cited a "degradation in performance and subsequent asset value" over the last six years at NGM.
Asserting its duty to shareholders, Newmont stated it is currently taking "appropriate steps" to address these operational failures.
The company's stance signals a potential legal or boardroom battle ahead, as it seeks to reverse the performance decline and ensure that any structural changes proposed by Barrick do not undermine the long-term value of these critical mining assets.
At the time of reporting, Newmont's share price was $167.48.