Barrick and Newmont: A Mining Romcom | Neil Adshead

Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep to unpack the three forces that will shape the mining sector in 2026. He warns that copper is heading into a structural supply crunch as major miners remain unwilling to approve the multibillion-dollar projects needed to meet future demand. Years of cost blowouts, long paybacks, and permitting challenges have created what he calls a global “decision moat,” leaving the next generation of large copper mines stalled across key jurisdictions.

Adshead also breaks down the growing tension between Barrick, Newmont, and Elliott Management. A potential Barrick breakup, combined with decisions surrounding the Nevada Gold Mines joint venture and the Four Mile put-option, could redefine the world’s largest gold producers. “There are so many different permutations here,” he says, noting that 2026 may bring long-awaited restructuring across the majors.

He adds that geopolitics is now shaping who will own future copper supply, with Chinese bids increasingly blocked in the Americas and Western capital stepping in to fill the gap.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.