In a surprise move, Barrick’s Chairman John Thornton on Monday announced Chief Executive Bristow would step down immediately and appointed Chief Operating Officer Mark Hill as interim CEO. Barrick, which gave no reason for Bristow’s departure, said it has initiated an executive search and will announce a permanent CEO in due course.
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A discussion on replacing Bristow actually began at least six months ago as the company’s situation worsened in Mali under his leadership, according to one person familiar with the board’s thinking.
In the last nine months, Barrick lost control of the Loulo-Gounkoto gold mine complex in Mali, and had 3 metric tons of gold seized by the government.
The company took a $1 billion write-off and sold two of its mines in the U.S. and Canada. Barrick’s future in Mali remains uncertain as the company’s mining license comes up for renewal in February 2026, and if an agreement is not reached before then, Barrick could completely lose the asset, according to people close to the Mali government.
Neither Barrick nor Bristow responded to requests for comment on this story.
Barrick’s history in Mali and Bristow are closely linked. The South African national started Randgold Resources, which had its main assets in Mali and which was sold to Barrick in 2018.
A 2021 military coup resulted in a regime that wanted more revenue from mining. Barrick’s refusal to adopt the country’s new mining code led to the arrest of four employees last year, followed by the state seizure of its gold worth at least $300 million and the temporary takeover of its mines by Mali’s military government.
Barrick’s share performance in the last five years has also lagged its peers, another reason the board opted for a replacement, according to one source who was briefed on the reason for Bristow’s departure.
Finally, a personality clash between Thornton and Bristow also contributed to Bristow’s downfall, according to a former Barrick executive who did not wish to be named, who described the relationship between the chairman and CEO as tense.
Bristow’s sometimes abrasive style led some of his industry peers to call him Mercurial Mark. Bristow had a reputation for making key decisions himself and got rid of a weekly staff meeting, the executive added.
Some investors have had concerns regarding the company’s geopolitical-risk profile, including its exposure in Africa and a planned investment in Pakistan at the Reko Diq project, Jefferies analysts said in a note.
Shares of Barrick closed down 4% on the Toronto Stock Exchange on Monday.
Divya Rajagopal in Toronto; Additional reporting by Clara Denina in London; Editing by Caroline Stauffer and Lincoln Feast.
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Divya Rajagopal reports on Canada mining sector, where she covers breaking news on critical minerals deals, takeovers and mergers in the mining sector and how miners deal with climate change and ESG imperatives. Divya previously worked as a financial journalist with Economic Times and CNBC TV18 based out of India. She holds a Masters in Global Affairs from the University of Toronto and a Masters in Technology and Social Change from Lund University, Sweden.