Elliott pushes Australian gold miner Northern Star for board change after talks stall

Northern Star Resources

12/08/2026 07:09

Aug 12 (Reuters) - Elliott Investment Management pressed Northern Star Resources NST.AX for director changes on Wednesday, unveiling a slate of six possible candidates and inviting shareholder support after negotiations with Australia's largest gold miner stalled.
The activist investor first pushed for a strategic review in early June after building a stake worth more than A$1 billion ($705.60 million) at a stake of over 4% and has since increased its economic interest to 5.6%.    

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Elliott said it does not wish to seek control of the board or add any of its employees to it. 
It added that the candidates on its list have operated large-scale gold mines across Australia, Africa and the Americas, with several also bringing highly relevant Australian governance experience.
The activist investor maintained that a thorough review is needed and a fully equipped board would be required to support incoming CEO Suresh Vadnagra, current head of Glencore's GLEN.L nickel and zinc industrial assets. 
Among Elliott's roster is Mark Cutifani, current independent director of oil and gas major Woodside Energy WDS.AX and former CEO at Anglo American AAL.L.
Elliott reiterated that Northern Star's total shareholder return has severely lagged that of its peers over the past several years.
Northern Star shares rose as much as 2.1%, compared with a 1.2% rise in the Australian gold sub-index .AXGD on the day, but are down about 14% so far this year.  

($1 = 1.4172 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru; Editing by Ronojoy Mazumdar)
 ((Nikita.Jino@thomsonreuters.com;))