Elliott Management Builds Stake in Barrick, Encouraged by Breakup Prospects, Source Says

By Robb M. Stewart

Activist investor Elliott Management has built up a sizable stake in Barrick Mining, putting pressure on the gold and copper producer to consider splitting up its operations.

The stake positions Elliott as one of Barrick's top 10 shareholders, a person familiar with the matter said, and was made because the activist was encouraged by the prospect of Barrick exploring a breakup.

A spokeswoman for the Toronto company declined to comment on the investment or Elliott's ambitions, saying the company doesn't comment on matters relating to individual shareholders.

Barrick has a clear plan and industry-leading assets, as well as a strengthened leadership team aligned on delivering strategic priorities, the spokeswoman said.

Other news outlets reported on Elliott's stake earlier this week.

Barrick is currently undergoing a review of operations, which is aimed at improving efficiencies and utilization across its assets. The plan, launched last month, involves taking a closer look at the Nevada Gold Mines operations and the Pueblo Viejo mine in Dominican Republic, both of which are minority owned by Newmont and account for more than half of Barrick's gold production.

The fresh emphasis on North America came shortly after Barrick parted ways with Mark Bristow, who had been chief executive for nearly seven years since the company bought Randgold Resources, an Africa-focused miner founded and run by Bristow for more than two decades. Company veteran Mark Hill was elevated to interim CEO.

Barrick's share price has more than doubled in 2025, and has risen more than 50% in the last three months alone as the company and other gold producers have benefited from a boost in the price of the precious metal to record highs because of investor demand for perceived safe-haven assets and central-bank purchases.

Still, it has lagged the jump seen in the share prices of some rivals, such as Canada's Agnico Eagle, whose steady production saw it vault Barrick this year to become second in world gold production behind Newmont.

Elliott has targeted other mining companies in the past.

In 2017, the firm took aim at BHP Group, which at the time lagged behind its peers during a commodity-price upswing. It urged the company, then known as BHP Billiton, to spin off its U.S. petroleum assets and unify a dual Sydney-London listing, moves that--despite initial resistance--it eventually made.

Josh Wolfson, an analyst at RBC Capital Markets, said there is merit in a breakup or sale of assets by Barrick, supported by a share price that is trading at a discount to the sum of the company's parts. "Various scenarios could be pursued to realize this value, including multiple break-up options with or without additional asset divestitures," he said.

If Barrick plans to focus on its North American assets, a breakup of the company and possible asset sales would make sense, said Anita Soni, an analyst at CIBC Capital Markets, who adds that the company's management should focus on operations that offer the best ounces of production and on favorable jurisdictions.

Write to Robb M. Stewart at robb.stewart@wsj.com

Corrections & Amplifications

This item was corrected at 1:05 p.m. ET. An earlier version misstated the name of Elliott Management as Elliot.

(END) Dow Jones Newswires

November 20, 2025 12:55 ET (17:55 GMT)