Barrick Breakup, Copper Surge and Mining M&A | Nicole Adshead-Bell

Nicole Adshead-Bell, Director of Cupel Advisory, joins Kitco Mining’s Digging Deep with Paul Harris to discuss gold M&A, Barrick Mining restructuring speculation, activist pressure at Northern Star Resources, rising copper prices, and capital deployment across the mining sector.

Adshead-Bell says potential restructuring at Barrick, Elliott Investment Management’s pressure at Northern Star, and Zijin Gold’s delayed Allied Gold acquisition point to a market demanding simpler stories, stronger execution, and better accountability. She said mining boards need the technical expertise to challenge management, while producers must rebuild trust with investors. “Do what you say you're going to do,” she said.

The discussion also covers gold producer expansion plans, the risk of cost inflation as miners deploy cash, copper M&A in Quebec and Chile, and why Adshead-Bell believes copper may need to move toward $7 to $8/lb before major new supply commitments are made. She also explains why higher metals prices are changing the true cost of streams, prepays and hedges.

Recorded June 4, 2026.

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00:30 - Barrick Africa Merger Talk
01:52 - Divesting Risky Jurisdictions
04:07 - Boardroom Accountability
05:47 - China Scrutinizes Zijin Deal
10:13 - Elliott Targets Northern Star
12:26 - Boards, ESG and Execution
17:41 - Who Buys Northern Star?
22:38 - Gold Mine Expansions Surge
25:59 - Copper M&A and Price Outlook
30:20 - Paying Off Streams and Hedges
33:22 - Mine Restarts and IPOs
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Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.