A major shake-up is underway at Barrick Mining. Elliott Investment Management, a prominent American hedge fund, has quietly taken a large stake in the company.
Valued at around $700 million, this move makes Elliott one of Barrick’s top shareholders and has sparked immediate speculation about what comes next.
Barrick is no small player in the mining world. The Canadian giant digs gold and copper from 18 countries across four continents. Its portfolio boasts 13 gold mines, including six flagship Tier One sites, and three major copper operations. From North America to Africa and the Asia-Pacific, Barrick holds a significant footprint in the global resource race.
One site is especially important: the Porgera mine in Papua New Guinea. Located high in the rugged Enga Province, Porgera has been a key gold producer for decades.
After a three-year halt amid legal and social disputes, it reopened in late 2023. The restart came with a new partnership model, giving local communities a majority stake and promising billions in benefits for Papua New Guinea over the next 20 years.
But Barrick is navigating rough waters. Costs are rising at some mines, political risks linger—like the military takeover that shut down operations in Mali—and investor pressure is mounting. Elliott’s investment arrives amid whispers of possible restructuring, asset sales, or a strategic pivot.
The question on everyone’s lips: What does Elliott want from Barrick? Are they pushing for a revamp, a breakup, or something more subtle? And how will these moves affect sensitive operations like Porgera, where community interests and corporate ambitions intersect?
Barrick finds itself at a crossroads. It’s a story of global capital meeting local realities. The days ahead will test how mining giants balance shareholder demands with sustainable, locally grounded partnerships in resource-rich countries like Papua New Guinea.
The interim CEO Mark Hill stated earlier that “Our priority is clear communication with investors and stakeholders, delivering operational improvements, and driving growth while respecting Barrick’s core values and partnerships globally”
This development is not just about numbers or shares. It’s about the future of mining in an uncertain world—and the ripple effects of major investment decisions on communities and countries
