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From gold giant to boardroom bust: Barrick weighs breakup
By Leslie Hook, Alan Livsey, and Humza Jilani
Financial Times, London
Sunday, November 23, 2025
When John Thornton and Mark Bristow sealed the merger of Barrick Gold and Randgold Resources in 2018, creating then the world’s biggest gold miner, it was seen as one of the smartest deals in the sector.
Nearly seven years later, after a series of mis-steps at Barrick, the $64 billion company is under mounting pressure to restructure or split up, in effect unwinding the deal.
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The question of how the giant gold mining empire might be divvied up and who might buy its parts, particularly the massive Reko Diq project in Pakistan, has gripped a sector that is already reeling from record-high bullion prices and a wave of consolidation.
Activist investor Elliott Management has built a stake in the group worth at least $700 million, encouraged by reports that the board was considering a breakup. Other investors feel the same.
"Barrick has amazing assets, but in recent years the operating costs went up as much as the gold price, which wasn't great," said Alec Cutler, fund manager at Orbis Balanced Fund. A breakup could create value, he says, adding that the high-risk Reko Diq project in Pakistan has become a "distraction."
Despite the run-up in gold prices this year, Barrick's share price has lagged its rivals due to setbacks at its mine in Mali, three fatal accidents, falling gold production, and the perceived risks of Reko Diq.
A few hours after news of Elliott's stake broke, the company announced leadership changes to sharpen its focus on its valuable Nevada gold mines, including replacing its chief operating officer for North America and appointing a new chief development officer. Sources close to the company say the moves were long-planned. ...
... For the remainder of the report:
https://www.ft.com/content/7746f456-298d-4437-a249-2ab9cafe7d8a
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