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.Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.00:30 - Barrick Africa Merger Talk01:52 - Divesting Risky Jurisdictions04:07 - Boardroom Accountability05:47 - China Scrutinizes Zijin Deal10:13 - Elliott Targets Northern Star12:26 - Boards, ESG and Execution17:41 - Who Buys Northern Star?22:38 - Gold Mine Expansions Surge25:59 - Copper M&A and Price Outlook30:20 - Paying Off Streams and Hedges33:22 - Mine Restarts and IPOs__________________________________________________________________Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.comStay connected with usX - https://x.com/KitcoMiningInstagram - https://www.instagram.com/kitcominingLinkedIn - https://www.linkedin.com/company/kitco-miningFacebook - https://www.facebook.com/KitcoMiningConnect with the Kitco Mining anchorsPaul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/miningDisclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.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.