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Barrick Mining Corporation (NYSE:B) shares are trading higher Tuesday following a report suggesting that Elliott builds its stake in the company.
What To Know: According to the Financial Times, Elliott has accumulated a position that places it among Barrick's 10 largest investors, implying a stake worth at least $700 million. The investment comes as Barrick works to refocus on its North American assets after the sudden departure of former CEO Mark Bristow in September.
The report added that Elliott has been encouraged by discussions around a potential break-up of Barrick, including separating its higher-growth North American mines from operations in Asia and Africa. Barrick's board has also explored potential sales of its African and Pakistan assets, according to recent reporting cited in the FT.
Shares climbed nearly 3% in pre-market trading after the Financial Times report, but lost some of its momentum. The stock has lagged rivals despite a surge in gold prices, and the company has faced operational setbacks, including the loss of control of a mine in Mali.
Interim CEO Mark Hill recently said he sees a "big opportunity" in strengthening the company's North American business, calling Nevada its "next big growth area."
See Also: Tariffs And Soft Demand Hit Energizer Hard, Stock Sinks
B Price Action: At the time of writing, Barrick shares are trading 1.51% higher at $37.51, according to data from Benzinga Pro.
Image via Shutterstock
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