Bristow’s exit shakes up Barrick leadership

Barrick Mining (TSX: ABX; NYSE: B) shocked markets Monday with the abrupt resignation of president and CEO Mark Bristow, who departs after nearly seven years at the helm without explanation.

Bristow, who steered Barrick since its 2019 merger with Randgold, will be replaced on an interim basis by Mark Hill, a veteran executive overseeing the miner’s Latin American and Asia Pacific regions. Hill, with the company for two decades, takes charge immediately as the board launches a global search for a permanent successor with the help of an external firm.

Surprise on Bay

The leadership shake-up drew surprise on Bay Street. Alexander Hacking, an analyst at Citigroup who covers Barrick, noted that Bristow had previously said he planned to remain until Reko Diq, the company’s massive copper-gold project in Pakistan, began production in 2028.

“One question is whether this will lead to bigger changes at Barrick,” Hacking wrote in a note. “A new CEO could bring a new strategy in Mali, at Reko Diq or for the portfolio. Barrick’s particular mix of assets…is arguably holding back its valuation.”

Analysts at BMO Capital Markets noted that media reports have historically spoken about a succession planning for Bristow. 

“But this is clearly an abrupt transition,” Matthew Murphy wrote on Monday.

TD Securities analyst Steven Green called the news “unexpected”, adding that Bristow’s exit will be viewed by investors with mixed emotions.

Bristow’s tenure included the integration of Randgold, $6.7 billion in shareholder returns, a $4-billion cut in net debt, and a series of strong quarterly results. But his record was overshadowed by a drawn-out dispute with Mali over the Loulo-Gounkoto gold complex, once Barrick’s largest African mine.

Thorn in Bristow’s side

The dispute traces back to Mali’s 2023 mining code, which increased government royalties and equity stakes in joint ventures. While competitors such as Allied Gold (TSX: AAUC; US-OTC: AAUCF) and B2Gold (TSX: BTO; NYSE-A: BTG) reached agreements with the ruling junta, Barrick resisted.

Mark Hill. (Image: LinkedIn profile.)

Tensions escalated last year when the military government demanded a greater share of profits. Authorities responded by jailing four Barrick executives, issuing an arrest warrant for Bristow, blocking exports and seizing bullion.

Barrick responded by seeking international arbitration late last year, and in January 2025 shut down the mine entirely.

The standoff took a turn for the worse in June, when Malian authorities placed Loulo-Gounkoto under state control. Barrick booked a $1-billion impairment charge in August, cutting the carrying value of its 80% stake in the mine, which once generated 15% of the company’s gold output.

The crisis deepened further when Hilaire Diarra, Barrick’s former Tongon mine manager and key negotiator with Malian authorities, switched sides. In late August, Diarra was appointed as a special adviser to Mali’s president Assimi Goïta.

Earlier this month, Malian prosecutors appealed a court order to release the jailed executives, prolonging legal uncertainty around the Canadian miner’s operations in the country.

New York-listed shares of Barrick were up 0.9% to $34.80 (C$48.41) mid-Monday, for a market capitalization of $59.35 billion. The stock has traded in a year-long range of $15.11 to $36.10. 

More to come…