By Leslie Hook, Oliver Barnes, and Arash Massoudi
Financial Times, London
Tuesday, November 18, 2025
Activist hedge fund Elliott Management has built a large stake in Barrick Mining, according to people familiar with the matter, after the world's second-largest gold producer struggled to capitalise on a blistering bullion rally.
Elliott's investment comes as the Toronto-based miner has pledged to refocus on its lucrative North American business after the sudden departure of its chief executive Mark Bristow in September, adding to speculation that the company could be planning a break-up or asset sales.
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Elliott's stake puts it among Barrick's 10 largest investors, the people said. That would mean the hedge fund's holding is worth at least $700 million (C$1 billion).
As bullion has soared to record highs in recent months, boosting gold miners' valuations, Barrick's share price performance has lagged rivals and the company has faced a series of setbacks, including losing control of a key mine in Mali.
However, the people said Elliott was encouraged by the idea that Barrick could split into two companies, separating its higher-growth North American operations from its mines in riskier regions across Asia and Africa. ...
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https://www.ft.com/content/9dd79826-ad8b-4e54-b9b2-05f5288534d6 [2]
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