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Barrick Mining (TSX: ABX) (NYSE: B) announced the unexpected resignation of President and CEO Mark Bristow on Monday, after nearly seven years in his role, effective immediately. Bristow, who led the company since its 2019 merger with Randgold, will be temporarily succeeded by Mark Hill, an executive with two decades at Barrick, as the company initiates a global search for a permanent replacement.
Bristow’s tenure saw significant achievements, including $6.7 billion in shareholder returns and a $4 billion reduction in net debt, but was marred by ongoing disputes with the Malian government over Barrick’s operations there. Following increased governmental pressures, Barrick reported a $1 billion impairment charge on its Loulo-Gounkoto mine and is currently facing legal uncertainty in Mali. The company reported gold prices reaching an all-time high of $3,865 per ounce on the same day as Bristow’s resignation.
As of Monday, Barrick’s shares traded at $34.48 on the New York Stock Exchange, reflecting market reactions to the leadership change. Analysts noted that Bristow’s exit introduces uncertainties regarding the company’s strategic direction, particularly in light of its recent underperformance relative to peers like Newmont Corp. and Agnico Eagle Mines.
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