Elliott builds stake in Barrick Mining, source says
Activist investor Elliott Investment Management has built a significant stake in Barrick Mining, a source familiar with the matter said on Tuesday.
Barrick has faced a challenging year, including the loss of control of its Mali gold mine, which triggered a $1-billion write-off, and the departure of Mark Bristow as CEO after nearly seven years at the helm.
Elliott's position places it among Barrick's 10 largest shareholders, citing people familiar with the matter, and the hedge fund's stake could be worth at least $700-million, the Financial Times reported earlier on Tuesday.
Reuters reported last week that Barrick has raised the possibility of splitting the company into two businesses, one centred on North America and the other on Africa and Asia. In North America, the Canadian miner is seeking to advance development of the Fourmile gold project in Nevada.
Elliott was encouraged by the idea that Barrick could split into two companies, the FT report said.
Barrick did not immediately respond to a Reuters request for comment.
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