By: Reuters

In a surprise move, Barrick Gold announced the immediate departure of Chief Executive Mark Bristow. The decision, announced by Chairman John Thornton, follows a significant deterioration of the company's situation in Mali, which proved to be the final catalyst for the board to initiate a leadership change.

According to sources familiar with the matter, discussions about replacing Bristow began at least six months ago. The primary catalyst was the escalating crisis at the company's flagship Loulo-Gounkoto gold mine complex in Mali. Over the past nine months, Barrick lost control of the complex, had three metric tons of gold seized by the government, and took a $1 billion write-off.

The company's future in Mali remains highly uncertain, with its mining license up for renewal in February 2026. Failure to reach an agreement with the military government that took power in a 2021 coup could result in Barrick completely losing the asset.

Additional factors contributing to Bristow's departure included Barrick's stock underperformance, which has risen 37% since 2020 compared to a 110% climb for peer Agnico Eagle, and a reported personality clash between Bristow and Chairman Thornton. Bristow's sometimes abrasive management style and the company's high exposure to geopolitical risk in Africa and Pakistan were also noted as concerns.

Chief Operating Officer Mark Hill has been appointed interim CEO while the board searches for a permanent replacement.