A key study on one of the world’s richest gold discoveries, Barrick Mining Corp.’s Fourmile deposit in Nevada, is at risk of taking longer than previously expected as the miner considers new ways to develop it.
Barrick is revisiting its plans for the giant deposit after reaching a deal to hand a stake over to its joint venture partner, Newmont Corp. The Toronto-based miner is evaluating options to access the project through the neighboring Goldrush mine now that both are part of the broader Nevada complex, Tim Cribb, chief operating officer of Barrick’s North America business, told analysts on an earnings call Monday.
The company had previously targeted completion of a so-called pre-feasibility study for Fourmile in 2028, but Cribb declined to confirm a completion date Monday, saying instead that the changes have affected the schedule for work on the Bullion Hill decline, a planned underground entrance to Fourmile.
The world’s third-biggest gold miner struck a deal with Newmont in August that gave the Denver-based company a stake in Fourmile and brought the deposit into the Nevada Gold Mines venture in exchange for support of a planned initial public offering of Barrick’s North American assets. The agreement cleared a potential hurdle to the IPO after Newmont had threatened legal action over alleged mismanagement of the Nevada joint venture.
Bringing Fourmile, which Barrick has touted as “one of the century’s greatest gold discoveries,” into the joint venture will allow it to share infrastructure and other resources with nearby Goldrush.
Barrick expects to file a registration statement for the planned IPO later this month, and reiterated on Monday that it expects to complete the listing in the fourth quarter or early 2027. Shares climbed more than 5% in Toronto to the highest since Sept. 25, alongside a broader uptick in mining stocks.
The filings will provide investors with “a better guide” to plans for Nevada Gold Mines and Pueblo Viejo, Mark Hill, Barrick’s chief executive officer, said on Monday’s call. They won’t include updated reserves and resources, which are due at year-end, he added.
(By Sybilla Gross)
