ACTIVIST investor Mick McMullen has positioned himself as a contender for the CEO position at Barrick Mining, telling The Globe and Mail that major shareholders have approached him about leading the struggling Canadian gold producer.
The Australian mining executive said he possesses the energy and track record needed to address Barrick’s challenges, though acknowledged the final decision rests with the board. “It’s a really interesting opportunity, but ultimately it will come down to what does the board want,” McMullen said.
Barrick parted ways with CEO Mark Bristow in September after the company’s performance deteriorated under his leadership. Mark Hill now serves as interim boss whilst the board searches for a permanent successor.
McMullen gained prominence roughly six years ago working with Paulson & Co on a dramatic turnaround at Detour Gold, where he replaced underperforming management and doubled the company’s market value within seven months. Kirkland Lake Gold subsequently acquired Detour for $4.9bn.
Toronto-based Barrick faces similar difficulties to those Detour experienced. The miner has lagged rivals including Agnico Eagle Mines and Kinross Gold, struggled with operations in challenging jurisdictions such as Tanzania and Pakistan, and suffered 19 worker fatalities since 2020.
Elliott Investment Management recently accumulated a $1bn stake and is advocating for changes, including separating North American assets from riskier international operations.
McMullen identified operational reliability, safety improvements and cultural reform as immediate priorities. He said various restructuring options under discussion, including asset sales and a potential merger with Newmont, “all potentially make sense.”
Prior to Detour, McMullen orchestrated a turnaround at Stillwater Mining, which Sibanye Gold acquired for $2.2bn.
