Hedge fund calls for Barrick Gold breakup

|About: Barrick Gold Corporation (ABX)|By:, SA News Editor

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.