Dr Mark Bristow, the South African-born president and CEO of Barrick Gold, has officially stepped down, ending a transformative chapter in the history of the New York- and Toronto-listed gold and copper mining giant.
Bristow’s departure comes fewer than seven years after he took the helm following the 2019 merger between Barrick and Randgold Resources, the high-performing Africa-focused gold miner he previously led. His leadership has been widely credited with revitalising Barrick and restoring its status as a global mining powerhouse.
Bristow was instrumental in executing the complex integration of Randgold and Barrick, turning the deal into one of the most successful mergers in modern mining history. Under his stewardship, Barrick streamlined operations, focused on high-return assets, and delivered consistent value to shareholders.
Since the merger:
$6.7 billion has been returned to shareholders
Net debt has been cut by $4 billion
Six Tier 1 gold mines have been developed or optimised
Copper assets have been expanded to support future-facing demand
Bristow’s focus on responsible mining, exploration-driven growth, and stakeholder partnerships has redefined Barrick’s global footprint across 18 countries and five continents.
Strong Second-Quarter Results Cap Off Tenure
Bristow’s final quarter at the helm saw exceptional operating performance, robust cash flows, a raised dividend, and a strong share price. These results underscored the sustained momentum achieved during his tenure and the long-term vision that has guided the company’s strategy.
Bristow championed the creation of long-term stakeholder value through environmental stewardship, infrastructure development, and community partnerships—particularly across Africa, where his impact is most visible.
Kibali: A Green Mining Model in the DRC
The Kibali gold mine in northeastern Democratic Republic of Congo has emerged as one of the most advanced, automated, and environmentally conscious gold operations in the world.
Over $6.3 billion invested in-country
More than $3.1 billion paid to local contractors and partners
Solar and battery storage systems enhancing the region’s hydropower supply
Collaboration with conservation groups aiding white rhino conservation in Garamba National Park
Once among the most underdeveloped regions in the DRC, Kibali’s success has transformed it into a thriving economic hub and set a global benchmark for sustainable mining in frontier regions.
Solid Operations in Tanzania and Zambia
In Tanzania, the North Mara and Bulyanhulu mines have continued to perform well, with the latter undergoing an expansion to unlock new production areas. Barrick is also adjusting to recent legislative changes requiring 20% of gold output to be reserved for local trading.
Meanwhile, in Zambia, Barrick’s Lumwana Super Pit Expansion is emerging as a flagship copper growth project. The second quarter saw:
Copper production up 63% year-on-year (44,000 tonnes)
Cash costs down 29%
All-in sustaining costs reduced
Project self-funding through operational cash flow
When complete, Lumwana is expected to produce 240,000 tonnes of copper annually, with a 52 million tonne/year processing capacity and a mine life exceeding 30 years.
Leadership Transition: Mark Hill Named Interim CEO
With Bristow stepping down, Mark Hill, Barrick’s current COO and a long-standing company executive, has been appointed interim president and CEO. Hill, who joined Barrick in 2006, has overseen operations in Latin America and the Asia-Pacific regions. A formal process is now underway to appoint a permanent successor.
Bristow departs with a legacy defined by disciplined growth, stakeholder-centric mining, and operational excellence. His track record of discovering and developing world-class assets, coupled with a vision rooted in long-term value creation, has repositioned Barrick as one of the most respected and resilient mining companies globally.
While the search for his permanent successor continues, Barrick’s momentum—fueled by solid assets, a robust pipeline, and ongoing copper expansion—remains firmly in place.
Main Image: The Globe and Mail
