Barrick Gold Faces Potential Corporate Breakup Amid Activist Pressure

Significant changes are underway at Barrick Gold, the world's second-largest gold producer, as the company navigates management restructuring and mounting pressure from activist investors. Behind the scenes, a billionaire investor is pushing for a fundamental corporate separation that could reshape the mining giant's global operations.

On Tuesday, November 18, 2025, Barrick Mining announced comprehensive organizational changes. Interim CEO Mark Hill stated unequivocally in an internal memorandum: "While our company's fundamental data remains excellent, we cannot continue operating in this manner." The consequences are substantial.

The company is witnessing a leadership transition with the departure of Christine Keener, previously Chief Operating Officer for North America, and CFO Kevin Annett. Their replacements include Tim Cribb as the new Chief Operating Officer and Wessel Hamman as regional financial chief. Additionally, George Joannou joins the executive team as Chief Development Officer.

Operationally, Barrick is implementing strategic adjustments. The significant Pueblo Viejo mine in the Dominican Republic will now report to the North American business unit. Concurrently, the company is merging its Latin American and Asia-Pacific operations into a single division.

Activist Investor Demands Corporate Split

The situation's complexity deepens with the revelation that activist investment firm Elliott Investment Management has invested at least $700 million in Barrick, positioning itself among the company's ten largest shareholders.

Should investors sell immediately? Or is it worth buying Barrick Mining?

Elliott is advocating for dividing the corporation into two publicly traded entities:

• A North American company comprising the stable, highly profitable mines in Nevada
• An international company managing the higher-risk operations in Africa and Asia

This strategy addresses what analysts term a "conglomerate discount." Barrick's intricate global framework prevents its stock price from accurately reflecting the genuine value of its premium Nevada assets. A separation could unlock these hidden values – the Nevada mines alone would constitute one of the world's largest gold producers.

Operational Challenges and Strategic Shifts

Management faces justified pressure. Despite historically high gold prices, Barrick's stock performance has lagged behind competitors. The sudden departure of former CEO Mark Bristow in September 2025 marked a turning point.

Particularly damaging was the loss of control over the Loulo-Gounkoto mine in Mali, which forced Barrick to record a $1 billion impairment charge earlier this year. This incident exemplifies the risks associated with global operations and strengthens the argument for Elliott's proposed separation, which would effectively reverse the 2019 merger with Randgold.

Barrick's board appears to be seriously considering the split. With Elliott as a powerful proponent and a new management team focused on efficiency, the corporation's breakup might occur sooner than many anticipate. The coming months will determine whether Barrick continues as a global giant or divides into two more focused mining enterprises.