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Activist hedge fund Elliott Management has acquired a substantial stake in Barrick Mining Corp. (NYSE:B), positioning itself among the company’s top 10 investors with a holding valued at a minimum of $700 million.
Elliott’s move is seen as a catalyst for potential change, especially following the miner’s recent promise to refocus on its lucrative North American assets and the sudden departure of CEO Mark Bristow in September, according to the Financial Times.
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Elliot's investment follows a period in which Barrick, the world’s second-largest gold producer, has struggled to capitalize on the recent surge in gold prices, resulting in its share price lagging rivals such as Kinross Gold Corp. (NYSE:KGC) and Agnico Eagle Mines Ltd. (NYSE:AEM).
The news of Elliott’s stake prompted a rise in Barrick’s stock, which climbed more than 4% in pre-market trading on Tuesday.
Elliott’s primary encouragement comes from the idea of Barrick splitting its business into two distinct companies.
The proposed separation would divide the company’s higher-growth North American operations—which include prized assets like the Fourmile project in Nevada, considered one of the largest gold discoveries this century—from its mines in higher-risk territories across Africa and Asia.
Barrick veteran and interim CEO Mark Hill has reinforced the strategic shift, stating that he sees a “big opportunity” in concentrating on the North American business as the next major growth area, with a focus on enhancing operational performance and value creation.
With a commanding reputation as the most formidable activist investor on Wall Street, and a history of successfully targeting companies like Kinross and a stake in Anglo American, Elliott is positioned to drive the restructuring effort.
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