Elliott Investment Management has acquired a substantial stake in Barrick Mining, reported Reuters, citing sources familiar with the matter.
The development comes as Barrick faces operational challenges and rising expenses, with Elliott’s stake estimated to be worth at least $700m (C$980.03m).
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Over the past year, Barrick has faced setbacks including the loss of control over a key gold mine in Mali, resulting in a $1bn write-off.
This occurred alongside the departure of CEO Mark Bristow after nearly seven years at the helm.
The challenges have been compounded by rising costs at several North American assets as well as the seizure of the company’s Mali mine by the country’s military junta.
According to the Financial Times, Elliott has become one of the ten largest shareholders in Barrick.
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By GlobalDataThe hedge fund’s interest follows reports that Barrick is considering a major restructuring, potentially splitting its operations into two separate businesses, one focused on North America and the other on Africa and Asia.
Last week, Reuters reported that the company has raised the possibility of such a split.
In North America, Barrick is working to advance the Fourmile gold project in Nevada.
The company did not immediately respond to a request for comment from Reuters.
Last month, Bloomberg reported that Newmont has explored a possible transaction to obtain control of Barrick’s Nevada gold assets.
Barrick’s North American portfolio includes multiple gold mines in Nevada operated through a joint venture with Newmont, as well as mines in the Dominican Republic.
Beyond North America, Barrick owns copper and gold mines in higher-risk regions such as the Democratic Republic of Congo (DRC) and Papua New Guinea.
These assets are largely a legacy of the former Randgold business.
Last month, Barrick Mining’s Loulo-Gounkoto gold mine in Mali resumed operations after more than nine months.
