Overview
- Elliott Management has become a top-10 Barrick shareholder with a stake reported at a minimum of $700 million.
- A source told The Globe and Mail the fund is pressing the board to pursue a breakup, and Reuters reported last week that directors were weighing split options.
- The proposal would separate North American assets from higher-risk mines in Africa, the Middle East and Asia.
- Barrick shares rose more than 4% in pre-market trading on Tuesday following the reports.
- The campaign follows CEO Mark Bristow’s September exit and years of lagging returns versus Agnico Eagle and Kinross, while interim chief Mark Hill has highlighted North America as the next growth engine.