After nearly seven years leading Barrick Mining (TSX:ABX,NYSE:B), CEO Mark Bristow has stepped down.
Since the company’s 2019 merger with Randgold Resources, Bristow has overseen the integration of the two companies, as well as significant investments in Barrick’s gold and copper assets.
The firm returned US$6.7 billion to shareholders under Bristow and cut net debt by US$4 billion. Its most recent quarter shows strong operating results, healthy cashflow, an increased quarterly dividend and robust share price performance.
In a statement, John Thornton, chairman of the board, offered thanks to Bristow for his years of leadership.
“During his tenure, Mark strengthened our portfolio and helped position Barrick as a leading global producer of gold and copper,” said Thornton. “As a result, the company is well-positioned for the next phase of our growth and value creation for all shareholders. We wish Mark the very best for his future.”
Mark Hill, currently overseeing Barrick’s Latin America and Asia Pacific operations, will step in as interim CEO and president following Bristow’s sudden departure. A mining executive with 30 years of experience, Hill joined Barrick in 2006 and has held roles in strategy, corporate development and leading major global projects.
Hill also played a key role in the company’s initial decision to explore the Fourmile gold project in Nevada.
The board’s search committee, chaired by independent director Brett Harvey, has launched a process — with support from a leading executive search firm — to identify a permanent president and CEO.
Ahead of Bristow’s unexpected departure, Barrick had made several headline-making announcements.
Earlier this month, the company disclosed the sale of its Hemlo gold mine in Ontario for up to US$1.09 billion, marking the company’s exit from the Canadian gold-mining scene and a continued focus on core assets.
The deal with Carcetti Capital (TSXV:CART.H), soon to be renamed Hemlo Mining, includes US$875 million in cash, US$50 million in shares and up to US$165 million in contingent payments tied to future gold output and prices.
At the time, Bristow said the sale supported Barrick’s capital allocation strategy.
The company is also contending with ongoing legal and political challenges in Mali, where its Loulo-Gounkoto complex has faced repeated seizures by the ruling military junta.
In July, military helicopters removed over a metric ton of gold, worth roughly US$117 million, without the company’s consent, following a similar January incident that saw 3 metric tons confiscated and exports blocked, forcing a suspension of operations. Barrick has responded by initiating arbitration at the International Center for Settlement of Investment Disputes, citing violations of its legal rights.
Shares of the mining major slipped slightly following Bristow’s exit, falling as low as C$47.95 on Monday (September 29), before rebounding back above C$48 by midday.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.