MARK Bristow’s management of Barrick Gold’s flagship Mali operations proved the decisive factor behind his abrupt removal as CEO, said Reuters citing sources familiar with the board’s deliberations.
Chairman John Thornton announced on Monday that Bristow would step down immediately, with chief operating officer Mark Hill appointed interim chief executive. The Canadian miner provided no explanation for the departure and said an executive search was underway.
Board discussions regarding Bristow’s replacement commenced at least six months ago as the Mali situation deteriorated, a source told Reuters. Over nine months, Barrick lost control of the Loulo-Gounkoto gold complex and suffered the seizure of three tons of gold by authorities.
The company recorded a $1bn write-off and divested two North American mines. Its mining licence faces renewal in February 2026, with complete asset loss possible without agreement, people close to the Mali government said.
Bristow founded Randgold Resources, whose primary assets were in Mali before Barrick acquired the company in 2018. Following a 2021 military coup, the new regime demanded increased mining revenues. Barrick’s refusal to adopt revised mining regulations resulted in four employee arrests and gold seizures exceeding $300m.
Share performance also influenced the decision, with Barrick advancing 37% since 2020 compared to Canadian rival Agnico Eagle’s 110% gain during a period when gold prices roughly doubled.
Personality tensions between Thornton and Bristow, known in the industry as ‘Mercurial Mark’ for his sometimes confrontational approach, additionally contributed to his departure, a former executive said.
