Barrick, Newmont Settle Nevada Disputes Ahead of Barrick's North America Spin-Off

Barrick Mining posted a second-quarter profit increase due to higher gold prices. The company's earnings rose to C$1.22 billion ($875.37 million) or 73 Canadian cents per share, from $811 million, or 47 Canadian cents per share, in the same period last year.

The gold miner struck a deal with Newmont worth $1.95 billion to settle disputes over Nevada Gold Mines. As part of the agreement, Barrick will transfer its Fourmile project to the joint venture, while Newmont will contribute its Mike and Fiberline projects and pay Barrick in cash within 30 days.

The deal clears the path for Barrick's planned initial public offering (IPO) of its North American gold assets. The IPO is expected to include interests in Nevada Gold Mines, Pueblo Viejo, the Fourmile project, and other exploration properties contributed by Newmont.