BARRICK Mining has appointed board member Helen Cai as CFO, replacing Graham Shuttleworth in the latest senior departure at the Canadian miner amid speculation over its future, according to reports by Bloomberg News and The Globe and Mail.
Cai, a director since 2021, assumes the CFO role on March 1, the company said on Monday. Shuttleworth, who joined through Barrick’s 2019 acquisition of Randgold Resources, will assist with the transition, the company said.
The change follows September’s abrupt exit of CEO Mark Bristow and subsequent departures of several executives under interim CEO Mark Hill.
Kevin Thomson, senior executive vice-president of strategic matters, and Christine Keener, North American COO, have both left, whilst lead independent director Ben van Beurden stepped down.
Elliott Investment Management, which accumulated a $1bn stake last year, has pressed for changes including a potential split to reduce Barrick’s risk profile, said The Globe and Mail. The miner trades at a discount to rivals such as Agnico Eagle Mines, largely due to exposure to Africa, the Middle East, Pakistan and Papua New Guinea.
Barrick is weighing an initial public offering of a minority stake in its North American gold operations. Analysts including National Bank Financial’s Shane Nagle suggest the new entity could attract bids from Newmont, which previously explored gaining control of the companies’ Nevada assets.
Cai, a Chinese resident, previously worked as an equity analyst and investment banker at state-controlled China International Capital Corp and as an analyst at Goldman Sachs. She studied at Tsinghua University and Massachusetts Institute of Technology.
Last year Barrick shut its Malian operations following disputes over a new mining code, reaching an undisclosed settlement in November. The timing of resumed operations remains unclear.
Barrick shares rose 2.4% in Toronto Monday as precious metals rallied. The stock has gained nearly 50% since late September.
