Barnes (US:B) CNBC·2025-12-06 13:52Core Viewpoint - Elliott Investment Management has taken a position in Barrick Mining and is advocating for the separation of North American assets from its higher-risk operations in Asia and Africa, which the Barrick board is now exploring [3][9][10]. Company Overview - Barrick Mining, formerly Barrick Gold Corporation, is a global mining company primarily focused on gold and copper production, with operations in various countries including Argentina, Canada, and the Democratic Republic of Congo [1][4]. - The company operates 14 gold mines and three copper mines, with significant assets in North America, particularly the Nevada Gold Mines joint venture with Newmont [4]. Recent Performance - Barrick's stock has more than doubled in the past six months, yet it trades at a price to net asset value ratio of 0.9, which is below its North American peers [5]. - The price of gold has increased by over 70%, contributing to Barrick's stock appreciation of more than 100% [10]. Management Changes - The abrupt departure of Barrick's CEO in September led to the appointment of Mark Hill as interim CEO, creating opportunities for activist investors like Elliott to influence the selection of a new CEO [6][7]. - The interim CEO status allows for the exploration of strategic alternatives, including the potential breakup of the company [8]. Strategic Considerations - Separating North American operations from higher-risk regions could help close the valuation gap between Barrick and its peers, such as Agnico Eagle, which trades at approximately 1.5 times its net asset value [9][10]. - Management has indicated that applying a peer-like multiple to Barrick's North American assets could unlock up to 49% of unrealized value [10]. Activist Investor Dynamics - Elliott Investment Management is known for its thorough due diligence and has likely held a position in Barrick for several months, benefiting from the recent stock appreciation [2][12]. - The presence of Elliott is expected to influence the board's decisions regarding the new CEO and the potential breakup of the company [11].