Barrick says Newmont deal clears path for North American IPO

Newmont consented to Barrick's planned initial public offering of its North American gold assets, the companies said, clearing the path for an IPO that Barrick expects to complete by the end of this year.

Barrick owns 61.5% and Newmont 38.5% in the Nevada Gold Mines joint venture. Earlier this year, Reuters reported that Barrick will need Newmont's approval to move ahead with its proposed North American spin-off, because Newmont has the first right of refusal if Barrick tries to sell its stake.

Newmont also had disputes with Barrick regarding the operational issues at Nevada Gold Mines.

Under the agreement announced on Monday, Barrick will transfer its project to the Nevada Gold Mines joint venture, while Newmont will transfer its and projects and pay Barrick in cash within 30 days.