Elliott Management Built ‘Large’ Stake in Barrick, FT Says (1)

Elliott Management has built a large stake in Barrick Mining Corp., the Financial Times reported, citing people familiar with the matter.

Elliott’s stake — valued at at least $700 million — puts it among Barrick’s 10 biggest investors, the FT cited the people as saying, and comes after the Canadian gold giant struggled to benefit from the metal’s rally.

Bullion prices hit a record high in October and are on course for the largest annual gain since 1979. Investors have bought the metal as a hedge against growing fiscal unease in several major economies, while elevated central-bank buying also ...