MajorsUnder the rules Barrick is limited to 20% of the float unless it makes a play for the entire company. There is absolutely nothing limiting another major from picking up a 20% position. They can do it by buying shares from the treasury or picking up the shares on the open market. Just because Barrick was the first to sit down at the table doesn't give it a monopoly on BIG.
It is possible that another major is accumulating. It is also possible that a fund/ETF is doing the buying or maybe a rich investor like Eric Sprott. Maybe Elon Musk needs Copper?!