Hedge fund calls for Barrick Gold breakup


Hedge fund Two Fish Management's exposure to Barrick Gold (ABX) is relatively small but its bark is loud, as it again calls for a breakup of the company and says there's no need for ABX to own a worldwide conglomerate of gold mines.

Since Two Fish first demanded changes at ABX, the miner has agreed to sell off its energy subsidiary in a series of deals worth $455M and three high-cost mines in South Africa for $300M.

"This is the world's largest gold mining concern, and it doesn't have a geologist or an engineer on its board," Two Fish's Mike Morris says.

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Comments (2)
  • aldenbreck
    , contributor
    Comment (1) | Send Message
     
    With the "lame-stream" media looking the other way defending another bumbling executive, is it any wonder they're trying to call the shots against this one.

     

    Why do we allow, let alone respond to, a group of journalists to influence our actions. They've never run anything except their mouths.
    4 Sep 2013, 11:11 PM Reply Like
  • Gold BB2000
    , contributor
    Comment (1) | Send Message
     
    Just for the record, the three high cost mines ABX sold were in Australia, not South Africa.
    5 Sep 2013, 11:12 AM Reply Like
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