Exclusive: According to reports, the Mali mining conflict was the final straw for Barrick’s “Mercurial Mark” Bristow
Mark Bristow’s management of Barrick Mining’s flagship asset in Mali has prompted the board to initiate a leadership change, according to four individuals familiar with the situation.
In an unexpected announcement, Barrick’s Chairman John Thornton revealed on Monday that Chief Executive Bristow would resign immediately, appointing Chief Operating Officer Mark Hill as the interim CEO. Barrick has not provided a reason for Bristow’s departure and has announced that it is beginning an executive search to appoint a permanent CEO in due course.
A conversation about replacing Bristow reportedly started at least six months ago as the company’s circumstances in Mali deteriorated under his leadership, according to an individual knowledgeable about the board’s perspective.
Over the past nine months, Barrick has lost control of the Loulo-Gounkoto gold mine complex in Mali, and the government has seized 3 metric tons of gold.
The company recorded a $1 billion write-off and divested two of its mines located in the U.S. and Canada. Barrick’s future in Mali is in a state of uncertainty as the company’s mining license is set for renewal in February 2026. If an agreement is not reached prior to that date, Barrick risks losing the asset entirely, according to sources familiar with the Mali government.
Requests for comment on this story went unanswered by both Barrick and Bristow.
Barrick’s history in Mali is intricately connected to Bristow. The South African national founded Randgold Resources, which primarily held assets in Mali and was sold to Barrick in 2018.
A military coup in 2021 led to a regime seeking increased revenue from mining activities. Barrick’s decision not to comply with the country’s new mining code resulted in the arrest of four employees last year, which was subsequently followed by the state seizing gold valued at no less than $300 million and the temporary takeover of its mines by Mali’s military government.
Barrick’s share performance over the past five years has fallen behind that of its peers, which is another factor that led the board to choose a replacement, according to a source familiar with the circumstances surrounding Bristow’s departure.
Since 2020, shares in Barrick have increased by 37%, while shares of fellow Canadian miner Agnico Eagle have experienced a 110% rise. Gold prices have approximately doubled over the past five years, reaching record highs.
Ultimately, a clash of personalities between Thornton and Bristow played a role in Bristow’s downfall, as noted by a former Barrick executive who preferred to remain anonymous, characterizing the dynamic between the chairman and CEO as strained.
Bristow’s occasionally sharp demeanor prompted certain colleagues in the industry to refer to him as Mercurial Mark. Bristow was known for personally making important decisions and eliminated the weekly staff meeting, the executive noted.
According to a note from Jefferies analysts, some investors have expressed concerns about the company’s geopolitical-risk profile, particularly its exposure in Africa and a planned investment in the Reko Diq project in Pakistan.
Barrick’s shares ended the day down 4% on the Toronto Stock Exchange on Monday.
