<p>与巴里克展位的代表交谈的与会者，地点是 2025 年 3 月 3 日在加拿大安大略省多伦多举行的加拿大勘探者和开发者协会（PDAC）年度矿业会议。</p>
<p>Carlos Osorio | 路透社</p>
<h3>公司：巴里克矿业（Barrick Mining）</h3>
<p><strong>业务：</strong> 巴里克矿业，前身为巴里克黄金公司，是一家黄金和铜的生产商，专注于黄金和铜的生产与销售，以及相关活动，如勘探和矿山开发。它在阿根廷、加拿大、科特迪瓦、刚果民主共和国、多米尼加共和国、巴布亚新几内亚、坦桑尼亚和美国拥有黄金矿的权益。其铜矿位于赞比亚、智利和沙特阿拉伯。其运营包括内华达黄金矿、布伦扬胡鲁、赫姆洛、贾巴尔·萨伊德、基巴利、卢洛 - 贡科托、卢姆瓦纳、北玛拉、波尔盖拉、普韦布洛·维耶霍、通贡、维拉德罗和扎尔迪瓦尔。布伦扬胡鲁矿位于坦桑尼亚西北部，距离维多利亚湖南部超过 55 公里，距离姆万扎市西南 150 公里。贾巴尔·萨伊德铜矿位于沙特阿拉伯吉达东北 350 公里。卢姆瓦纳铜矿是一个传统的露天矿。</p>
<p><strong>市值：</strong> 691.6 亿美元（每股 40.38 美元）</p>
<h3>活动投资者：艾略特投资管理公司（Elliott Investment Management）</h3>
<p><strong>持股情况：</strong> 不适用</p>
<p><strong>平均成本：</strong> 不适用</p>
<p><strong>活动投资者评论：</strong> 艾略特是一家多策略投资公司，管理着约 761 亿美元的资产（截至 2025 年 6 月 30 日），是同类公司中历史最悠久的之一。以其广泛的尽职调查和资源而闻名，艾略特通常在投资前跟踪公司多年。艾略特是最活跃的活动投资者，积极与各行业和多个地区的公司进行互动。</p>
<h3>发生了什么</h3>
<p>11 月 18 日，艾略特宣布在巴里克矿业持有股份，并表示希望看到将北美资产与其在风险较高的亚洲和非洲地区的矿山分开的潜在可能性。最近，巴里克于 12 月 1 日宣布，董事会已授权公司探索北美资产的潜在分拆。</p>
<h3>幕后</h3>
<p>巴里克矿业是一家总部位于多伦多的全球矿业公司，主要专注于黄金，运营 14 座黄金矿，以及另外三座铜矿。该业务的核心是其北美黄金资产，拥有一些世界上最高质量的矿藏，特别是内华达黄金矿，这是与纽蒙特的合资企业，巴里克拥有 61.5% 的股份并担任运营商。该公司还在非洲、中东、拉丁美洲和亚洲运营黄金矿。其铜矿组合主要集中在非洲和中东，包括在巴基斯坦的新铜开发项目雷科迪克（Reko Diq）。</p>
<p>随着近期黄金牛市的到来，巴里克的股票在过去六个月中翻了一番。尽管如此，巴里克的交易仍以其净资产价值比率的 0.9 倍进行，显著低于北美同行，后者的交易价格远高于 1 倍，像阿金科鹰（Agnico Eagle）这样的顶级同行交易约为 1.5 倍。</p>
<p>投资者购买黄金公司主要是为了黄金价格的暴露，因此他们更倾向于选择管理团队最佳、运营效率最高的公司，以便更好地隔离商品的价值。巴里克在同行中并不是顶级运营商，因此他们在九月份与首席执行官突然分道扬镳，并由前首席运营官马克·希尔（Mark Hill）担任临时首席执行官。</p>
<p>临时首席执行官为像巴里克这样的公司中的活动投资者创造了两个非常有价值的机会。首先也是最重要的是，无论他们是否与公司达成董事会席位的协议，还是仅仅作为一个直言不讳的股东，他们都可以在新首席执行官的选择中发声。虽然他们可能并不总是在讨论或做出决定时在场，但我们知道没有哪位首席执行官会在有像艾略特这样的活动投资者参与的公司中接受职位，除非他们知道艾略特批准了这一任命。</p>
<p>其次，当一家公司有临时首席执行官时，探索战略替代方案的时机是有利的，而公司的分拆一直是一个亟待解决的问题。</p>
<p>巴里克的北美业务因公司在高风险地区的曝光而受到影响，分拆这两者将大大缩小巴里克与阿金科鹰之间的估值差距。</p>
<p>分拆的价值主张非常明确，甚至是管理层讨论过的内容。在 5 月发布的一次演示中，管理层展示了将同行类似的倍数应用于巴里克的北美资产可能解锁多达 49% 的未实现价值。自那时以来，黄金价格上涨超过 70%，但公司的股票上涨超过 100%，因此大部分收益已经实现，但仍有一些价值可以通过分拆来实现。</p>
<p>艾略特在公司中担任董事会席位的历史并不是出于活动投资者的目的，而是当他们认为所提名的董事能够真正为股东增值时。在这种情况下，公司的分拆是董事会正在认真考虑的事情，而艾略特的存在可能至少对新首席执行官有负面的批准权。</p>
<p>此外，艾略特在其活动中并不冲动。他们可能在巴里克持有股份已经有几个月，并且已经从公司过去六个月 100% 的增值中获得了良好的回报。我们不希望他们在这里升级他们的活动，除非董事会走上了他们未预料到且不同意的道路，或者是公司邀请他们加入董事会以协助未来的任务。</p>
<p>Ken Squire 是 13D Monitor 的创始人兼总裁，这是一家专注于股东行动主义的机构研究服务，同时也是 13D Activist Fund 的创始人和投资组合经理，该基金是一只投资于激进投资组合的共同基金。</p>

巴里克矿业

<p>巴里克矿业的股票在六个月内翻了一番，主要受到艾略特投资的积极推动。艾略特宣布在巴里克的持股，主张将北美资产与风险较高的地区分开。巴里克的董事会正在探索这一分离，这可能会释放出显著的价值。巴里克首席执行官的离职和临时首席执行官的任命为战略变革提供了机会。艾略特的参与可能会影响新首席执行官的选择，并推动股票价格进一步上涨</p>

<p>Attendees speak with representatives at the Barrick booth, at the Prospectors and Developers Association of Canada (PDAC) annual mining conference in Toronto, Ontario, Canada March 3, 2025.</p>
<div class="lb-trans"><p>与巴里克展位的代表交谈的与会者，地点是 2025 年 3 月 3 日在加拿大安大略省多伦多举行的加拿大勘探者和开发者协会（PDAC）年度矿业会议。</p>
</div><p>Carlos Osorio | Reuters</p>
<div class="lb-trans"><p>Carlos Osorio | 路透社</p>
</div><h3>Company: Barrick Mining (B)</h3>
<div class="lb-trans"><h3>公司：巴里克矿业（Barrick Mining）</h3>
</div><p><strong>Business:</strong> Barrick Mining, formerly Barrick Gold Corporation, is a gold and copper producer, which is engaged in the production and sale of gold and copper, as well as related activities, such as exploration and mine development. It has ownership interests in producing gold mines in Argentina, Canada, Cote d'Ivoire, the Democratic Republic of Congo, the Dominican Republic, Papua New Guinea, Tanzania and the United States. Its copper mines are in Zambia, Chile and Saudi Arabia. Its operations include Nevada Gold Mines, Bulyanhulu, Hemlo, Jabal Sayid, Kibali, Loulo-Gounkoto, Lumwana, North Mara, Porgera, Pueblo Viejo, Tongon, Veladero and Zaldivar. Its Bulyanhulu operation is located in northwest Tanzania, over 55 kilometers south of Lake Victoria and 150 km southwest of the city of Mwanza. The Jabal Sayid copper operation is located 350 km northeast of Jeddah in the Kingdom of Saudi Arabia. The Lumwana copper mine is a conventional open pit operation.</p>
<div class="lb-trans"><p><strong>业务：</strong> 巴里克矿业，前身为巴里克黄金公司，是一家黄金和铜的生产商，专注于黄金和铜的生产与销售，以及相关活动，如勘探和矿山开发。它在阿根廷、加拿大、科特迪瓦、刚果民主共和国、多米尼加共和国、巴布亚新几内亚、坦桑尼亚和美国拥有黄金矿的权益。其铜矿位于赞比亚、智利和沙特阿拉伯。其运营包括内华达黄金矿、布伦扬胡鲁、赫姆洛、贾巴尔·萨伊德、基巴利、卢洛 - 贡科托、卢姆瓦纳、北玛拉、波尔盖拉、普韦布洛·维耶霍、通贡、维拉德罗和扎尔迪瓦尔。布伦扬胡鲁矿位于坦桑尼亚西北部，距离维多利亚湖南部超过 55 公里，距离姆万扎市西南 150 公里。贾巴尔·萨伊德铜矿位于沙特阿拉伯吉达东北 350 公里。卢姆瓦纳铜矿是一个传统的露天矿。</p>
</div><p><strong>Stock Market Value</strong>: $69.16 billion ($40.38 per share)</p>
<div class="lb-trans"><p><strong>市值：</strong> 691.6 亿美元（每股 40.38 美元）</p>
</div><h3>Activist: Elliott Investment Management</h3>
<div class="lb-trans"><h3>活动投资者：艾略特投资管理公司（Elliott Investment Management）</h3>
</div><p><strong>Ownership:</strong> n/a</p>
<div class="lb-trans"><p><strong>持股情况：</strong> 不适用</p>
</div><p><strong>Average Cost:</strong> n/a</p>
<div class="lb-trans"><p><strong>平均成本：</strong> 不适用</p>
</div><p><strong>Activist Commentary:</strong> Elliott is a multistrategy investment firm that manages about $76.1 billion in assets (as of June 30, 2025) and is one of the oldest firms of its type under continuous management. Known for its extensive due diligence and resources, Elliott regularly follows companies for years before making an investment. Elliott is the most active of activist investors, engaging with companies across industries and multiple geographies.</p>
<div class="lb-trans"><p><strong>活动投资者评论：</strong> 艾略特是一家多策略投资公司，管理着约 761 亿美元的资产（截至 2025 年 6 月 30 日），是同类公司中历史最悠久的之一。以其广泛的尽职调查和资源而闻名，艾略特通常在投资前跟踪公司多年。艾略特是最活跃的活动投资者，积极与各行业和多个地区的公司进行互动。</p>
</div><h3>What's happening</h3>
<div class="lb-trans"><h3>发生了什么</h3>
</div><p>On Nov. 18, Elliott announced a position in Barrick Mining and expressed its interest in seeing a potential separation of North American assets from its mines in riskier regions across Asia and Africa. Most recently, on Dec. 1, Barrick announced that the board has authorized the company to explore a potential separation of the North American assets.</p>
<div class="lb-trans"><p>11 月 18 日，艾略特宣布在巴里克矿业持有股份，并表示希望看到将北美资产与其在风险较高的亚洲和非洲地区的矿山分开的潜在可能性。最近，巴里克于 12 月 1 日宣布，董事会已授权公司探索北美资产的潜在分拆。</p>
</div><h3>Behind the scenes</h3>
<div class="lb-trans"><h3>幕后</h3>
</div><p>Barrick Mining is a Toronto-based global mining company focused predominantly on gold, operating 14 gold mines, as well as three additional cooper mines. The core of this business is its North America Gold assets, which consists of some of the highest quality deposits in the world, specifically Nevada Gold Mines, a joint venture with Newmont in which Barrick owns 61.5% and serves as its operator. The company also operates gold mines in Africa, the Middle East, Latin America, and Asia. Its copper portfolio is centered around Africa and the Middle East, including Reko Diq, a new copper development project in Pakistan.</p>
<div class="lb-trans"><p>巴里克矿业是一家总部位于多伦多的全球矿业公司，主要专注于黄金，运营 14 座黄金矿，以及另外三座铜矿。该业务的核心是其北美黄金资产，拥有一些世界上最高质量的矿藏，特别是内华达黄金矿，这是与纽蒙特的合资企业，巴里克拥有 61.5% 的股份并担任运营商。该公司还在非洲、中东、拉丁美洲和亚洲运营黄金矿。其铜矿组合主要集中在非洲和中东，包括在巴基斯坦的新铜开发项目雷科迪克（Reko Diq）。</p>
</div><p>With the recent bull market for gold, Barrick's stock has more than doubled over the past six months. Despite this, Barrick continues to trade at 0.9 times its price to net asset value ratio, a significant discount to North American peers, who trade well above 1x, with best-in-class peers like Agnico Eagle trading at approximately 1.5x.</p>
<div class="lb-trans"><p>随着近期黄金牛市的到来，巴里克的股票在过去六个月中翻了一番。尽管如此，巴里克的交易仍以其净资产价值比率的 0.9 倍进行，显著低于北美同行，后者的交易价格远高于 1 倍，像阿金科鹰（Agnico Eagle）这样的顶级同行交易约为 1.5 倍。</p>
</div><p>Investors buy gold companies primarily for gold price exposure, and from there prefer the companies with the best management teams that operate the companies most efficiently to best isolate the value of the commodity. Barrick has not been a top operator amongst its peers and, as a result, they abruptly parted ways with their CEO in September and replaced him with Mark Hill, the former COO, as interim CEO.</p>
<div class="lb-trans"><p>投资者购买黄金公司主要是为了黄金价格的暴露，因此他们更倾向于选择管理团队最佳、运营效率最高的公司，以便更好地隔离商品的价值。巴里克在同行中并不是顶级运营商，因此他们在九月份与首席执行官突然分道扬镳，并由前首席运营官马克·希尔（Mark Hill）担任临时首席执行官。</p>
</div><p>An interim CEO creates two very valuable opportunities for an activist in a company like Barrick. First and most importantly, they get to have a voice in who the new CEO will be regardless of whether they settle with the company for a board seat or just remain an outspoken shareholder. While they may not always be in the room when the discussions are had or the decision is made, we know of no CEO who would take a job at a company with an activist like Elliott engaging unless they knew that Elliott approved of the hiring.</p>
<div class="lb-trans"><p>临时首席执行官为像巴里克这样的公司中的活动投资者创造了两个非常有价值的机会。首先也是最重要的是，无论他们是否与公司达成董事会席位的协议，还是仅仅作为一个直言不讳的股东，他们都可以在新首席执行官的选择中发声。虽然他们可能并不总是在讨论或做出决定时在场，但我们知道没有哪位首席执行官会在有像艾略特这样的活动投资者参与的公司中接受职位，除非他们知道艾略特批准了这一任命。</p>
</div><p>Second, when a company has an interim CEO, it is an advantageous time to explore strategic alternatives, and a breakup of this company has always been the elephant in the room.</p>
<div class="lb-trans"><p>其次，当一家公司有临时首席执行官时，探索战略替代方案的时机是有利的，而公司的分拆一直是一个亟待解决的问题。</p>
</div><p>Barrick's North American operations have been sullied by the company's exposure to higher-risk regions and separating the two would go a long way to close the valuation gap between Barrick and Agnico Eagle.</p>
<div class="lb-trans"><p>巴里克的北美业务因公司在高风险地区的曝光而受到影响，分拆这两者将大大缩小巴里克与阿金科鹰之间的估值差距。</p>
</div><p>The value proposition for a breakup is clear and even something management has discussed. In a presentation released in May, management demonstrated that applying a peer-like multiple to Barrick's North American assets could unlock as much as 49% of unrealized value. Since then, the price of gold has appreciated by over 70% but the company's stock has appreciated by more than 100%, so much of that gain has been realized but there is still some value to be realized from a breakup.</p>
<div class="lb-trans"><p>分拆的价值主张非常明确，甚至是管理层讨论过的内容。在 5 月发布的一次演示中，管理层展示了将同行类似的倍数应用于巴里克的北美资产可能解锁多达 49% 的未实现价值。自那时以来，黄金价格上涨超过 70%，但公司的股票上涨超过 100%，因此大部分收益已经实现，但仍有一些价值可以通过分拆来实现。</p>
</div><p>Elliott has a history of taking board seats at companies not for activist's sake, but only when they feel that the director they are putting on the board could genuinely add value for shareholders. In this case, the breakup of the company is something that is being seriously considered by the board, and Elliott, just by its existence, is likely to have at least negative approval power over the new CEO.</p>
<div class="lb-trans"><p>艾略特在公司中担任董事会席位的历史并不是出于活动投资者的目的，而是当他们认为所提名的董事能够真正为股东增值时。在这种情况下，公司的分拆是董事会正在认真考虑的事情，而艾略特的存在可能至少对新首席执行官有负面的批准权。</p>
</div><p>Moreover, Elliott does not act impetuously in its activism. They have likely had a position in Barrick for many months at this point and have already received a great return from the company's 100% appreciation in the past six months. We would not expect them to escalate their activism here unless either the board goes down a path they didn't expect and don't agree with, or it is at the company's invitation to join the board to assist with the tasks ahead.</p>
<div class="lb-trans"><p>此外，艾略特在其活动中并不冲动。他们可能在巴里克持有股份已经有几个月，并且已经从公司过去六个月 100% 的增值中获得了良好的回报。我们不希望他们在这里升级他们的活动，除非董事会走上了他们未预料到且不同意的道路，或者是公司邀请他们加入董事会以协助未来的任务。</p>
</div><p><em>Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist investments.</em></p>
<div class="lb-trans"><p>Ken Squire 是 13D Monitor 的创始人兼总裁，这是一家专注于股东行动主义的机构研究服务，同时也是 13D Activist Fund 的创始人和投资组合经理，该基金是一只投资于激进投资组合的共同基金。</p>
</div>

巴里克矿业的股票在 6 个月内上涨了超过一倍。为什么艾略特的激进主义可能会推动股价进一步上涨