Barrick Mining (NYSE: B, TSX: ABX) shares have hit a record high after resolving a volatile two-year dispute in West Africa - but a new challenge has emerged, with reports that United States activist investor Elliott Management has entered the boardroom as a top 10 shareholder.
The Canadian miner has reached an agreement with Mali’s military government - ending a two-year standoff that saw top executives detained and gold reserves seized.
Shares in Barrick, the world's second biggest gold producer, surged nearly 7.5% on Monday to hit an all-time high of C$55.93 in Toronto following the announcement, supported by reports that Elliott Management has taken a major stake in the company.
Barrick's been busy:
- August 2023: Mali adopts a new mining code, demanding a bigger slice of miner revenues
- June 2025: Mali’s military government seizes Barrick's Loulo-Gounkoto mine and appoints a “provisional administrator”
- Mid-2025: Authorities seize 3 metric tons of gold and arrest four senior Barrick employees
- September 2025: Long-time CEO Mark Bristow abruptly resigns; Mark Hill steps in as interim
- November 2025: Elliott Management emerges as a top shareholder; Barrick and Mali announce a resolution to a two-year dispute over gold mining
Mali truce
Barrick’s interim CEO, Mark Hill, has secured the Loulo-Gounkoto complex - a critical asset that generated nearly US$900 million in revenue for the business in 2024.
Barrick said the deal “puts an end to all of its disputes with the Government of the Republic of Mali regarding the Loulo and Gounkoto mines”.
“All charges brought against Barrick, its affiliates and employees will be dropped and the legal steps for the release of the four detained Barrick employees will be undertaken," the gold miner said in a statement.
“Additionally, the provisional administration of the Loulo-Gounkoto complex will be terminated, following which operational control over the complex will be handed back to Barrick.
"This will pave the way for a constructive path forward. As a result of the settlement, Barrick’s subsidiaries will withdraw the arbitration claims currently pending before the International Centre for Settlement of Investment Disputes (ICSID)."
Concessions from both include:
Barrick: The miner will drop its World Bank arbitration case and has agreed to sign Mali’s 2023 mining code, which grants the state a larger share of revenue.
Mali: The junta will drop all charges, release the four jailed employees detained earlier this year, and return operational control to Barrick.
The extension: Barrick has secured a 10-year extension on the mine permit.
Enter the activist: Elliott Management
While operations stabilise in Mali, the arrival of Elliott Management signals potential strategic changes at the corporate level.
The firm has reportedly taken a stake worth over $700 million in Barrick, ranking it among the top ten shareholders.
Elliott is known in the mining sector for its 2017 campaign against BHP (BHP: ASX).
In that instance, Elliott purchased a 4.1% stake and published a "Value Unlock Plan" which demanded BHP unify its dual-listed structure and spin off its US petroleum assets.
BHP management initially rejected the proposals but eventually executed both strategies - unifying its corporate structure in 2022 and merging its petroleum business with ASX-listed Woodside.
Elliott has targeted other mining giants such as Anglo American and Kinross Gold in the past, often pushing for a “geographic divorce” - a.k.a. the separation of safe, high-value assets in jurisdictions like North America and Australia from riskier operations in Africa or South America.
Speculation is mounting that Elliott will demand a similar split of Barrick’s North American portfolio from its African operations.
Production declines
The activist pressure coincides with a period of falling output for the gold giant.
Barrick’s Q3 2025 production report shows a 12% year-on-year drop in gold output, falling to 829,000oz compared to 943,000oz in the same quarter of 2024.
The year-to-date figures show a similar trend.
For the nine months ended September 30 this year, Barrick produced 2.38Moz of gold - a 16% decline from the 2.83Moz produced during the same period the previous year.
While the company maintained its 2025 guidance of 3.15-3.5Moz, it admitted it is tracking toward the lower end of that range.
The company also noted on a recent conference call that 2026 production is expected to remain relatively flat year-over-year.
This stagnation has occurred while the spot price of gold has hit successive record highs, currently sitting at >US$4,130/oz.
