Summary
Elliott Management takes $700M stake in Barrick Gold, raising split speculation
Activist hedge fund Elliott Management has acquired a stake exceeding $700 million in Barrick Gold Corp. (TSX:ABX, NYSE:GOLD), making it one of the top 10 shareholders in the world's second-largest gold producer, the Financial Times reported on Tuesday. The move comes as Barrick struggles to fully capitalize on record-high gold prices driven by geopolitical tensions and inflation.
Barrick sells last operating mine in Canada to Carcetti Capital for $1B
Barrick Gold Corp. (TSX:ABX, NYSE:GOLD) announced that it has agreed to sell its last operating gold mine in Canada, the Hemlo Gold Mine in Ontario, to Carcetti Capital in a transaction valued at up to $1.09 billion. Under the terms of the agreement, Barrick will receive $875 million in cash at closing, $50 million in Carcetti shares, and up to $165 million in contingent payments tied to future gold prices beginning in 2027.
Barrick Gold grows Q2 revenue on higher production
Barrick Gold Corp. (TSX:ABX, NYSE:GOLD) delivered a strong second quarter earnings report, driven by sequential improvements in gold and copper production. The company produced approximately 797,000 ounces of gold, up 5% from the prior quarter, and copper output surged 34% sequentially to 59,000 tonnes, representing a 37% increase year-over-year.
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Overview
Barrick Gold Corporation is a leading global company that specializes in the exploration, mine development, production, and sale of precious and base metals, notably gold and copper. Founded in 1983 and headquartered in Toronto, Canada, Barrick has established a robust presence in the global mining industry. It operates across multiple continents, including North America, South America, Africa, and Asia, highlighting its international reach and the diverse locations of its mining operations. The company's strategic focus on gold and copper is complemented by its exploration and sale of silver and energy materials, showcasing its commitment to diversifying its product portfolio and tapping into various market demands.
Products and Services
- Gold Production
Barrick Gold Corporation is renowned for its extensive gold mining operations, with ownership interests in several producing gold mines spread across Argentina, Canada, Côte d'Ivoire, the Democratic Republic of Congo, the Dominican Republic, Mali, Tanzania, and the United States. These operations emphasize the company's strong foothold in the gold market, leveraging its international assets to meet global demand for gold, used in jewelry, electronics, and as a financial instrument.
- Copper Production
The company also has significant stakes in producing copper mines located in strategically important regions such as Chile, Saudi Arabia, and Zambia. Copper production is a critical component of Barrick's business model, catering to the widespread use of the metal in electrical wiring, plumbing, and telecommunications. This diversification into copper allows the company to capitalize on the growing demand for renewable energy and electric vehicles, which require large amounts of copper.
- Silver and Energy Materials
In addition to gold and copper, Barrick Gold Corporation explores and markets silver and various energy materials. Silver plays a dual role in the market as both an investment and an industrial metal, essential in numerous applications including solar panels, electronics, and jewelry. The company's involvement in energy materials indicates a strategic move towards supporting the energy transition and providing materials critical to the renewable energy sector.
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