Barrick Gold Corp. (ABX.TO) has announced the abrupt departure of Chief Executive Officer Mark Bristow, following internal tensions over his handling of the company’s flagship mining operations in Mali.
In a surprise statement Monday, Chairman John Thornton revealed that Bristow would step down immediately, with Chief Operating Officer Mark Hill appointed as interim CEO. The board has launched an executive search to identify a permanent replacement, though no timeline has been given.
According to four people familiar with the matter, Bristow’s management of Barrick’s Malian assets critical to the company’s global production portfolio was the tipping point that led directors to push for a leadership change. The gold miner, however, gave no official reason for Bristow’s exit.
Bristow, a veteran of the mining sector and a central figure in Barrick’s operations across Africa, had been credited with expanding the company’s global footprint. But recent challenges in Mali, including political instability and growing risks for foreign operators, put mounting pressure on the company’s strategy.
Industry analysts say the leadership shake-up underscores both the operational difficulties in West Africa and the internal debates over how Barrick should balance growth with geopolitical risk.
Shares of Barrick (ABX.TO) dipped slightly in early trading following the announcement, as investors await clarity on the company’s long-term strategy under new leadership.
Thornton said the board remains confident in Barrick’s future: “Our focus is on maintaining operational excellence while ensuring stable leadership during this transition period.”
The executive search is expected to attract strong candidates from across the mining sector, with investors watching closely to see whether Barrick pivots its Africa strategy or doubles down on its Mali operations under new management.
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