Barrick is facing fresh activist pressure after reports that Elliott Management has amassed a stake worth at least US$700 million in the Canadian gold producer. The move comes as the company struggles to fully benefit from bullion’s record-setting rally and deals with operational challenges at major international assets.
BNN Bloomberg spoke with John Tumazos, CEO of Very Independent Research, about how Elliott’s involvement could influence Barrick’s push toward restructuring, including speculation about a potential split of its Nevada assets.
Key Takeaways
- Elliott Management has taken a stake of at least US$700 million, placing it among Barrick’s largest shareholders.
- Reports suggest Barrick may consider separating its Nevada assets from its global portfolio.
- The company has lagged the gold rally due to operational issues at international mines, including disputes in Mali.
- Interim CEO Mark Hill has indicated a shift toward strengthening the company’s North American footprint.
- Elliott’s activist history has fuelled expectations of potential restructuring, asset sales or a breakup.
Read the full transcript below:
ROGER: A Canadian gold-mining giant, Barrick, might be experiencing a huge change. Bloomberg is reporting that the U.S. investment company Elliott Management has taken a large stake in Barrick — about US$700 million. For more on this, let’s bring in John Tumazos, CEO of Very Independent Research. John, thanks very much for joining us.
JOHN: Good afternoon, thank you for having me.
ROGER: Your initial reaction to this report — what do you see unfolding here?
JOHN: I guess the biggest surprise is it didn’t happen sooner. I think Barrick’s management talks to shareholders every day, and here’s what they think. The Reuters story last Friday that Barrick might break up — separating the Nevada gold assets from the rest of Barrick — would seem to be in this direction and exactly what Elliott Management would want.
ROGER: So what do you see happening? We’re hearing reports they might split off between North America and the rest of the world.
JOHN: OK, so the only thing in North America is Nevada and the headquarters in Toronto. So the 61.5 per cent of Nevada Gold LLC and the Fourmile, 100 per cent-owned project within the Nevada LLC infrastructure, might be spun out or dividended to shareholders or sold to Newmont Mining before or after distribution to shareholders. And I think Newmont Mining would only issue Newmont Mining stock if there was a combination, because the cash cheque would be very large.
ROGER: Could this be the start of similar situations involving splitting companies, or is this just a one-off, do you think?
JOHN: There’s no other company as bizarre as Barrick, with multi-billion-dollar projects in Balochistan and as many assets in the different countries that Barrick is in, in Africa.
ROGER: OK, John, thank you very much for joining us today. We appreciate it.
JOHN: Thank you.
ROGER: John Tumazos, CEO of Very Independent Research.
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This BNN Bloomberg summary and transcript of the Nov. 18, 2025 interview with John Tumazos are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.
