- Barrick CEO Mark Bristow exits suddenly amid Mali mine dispute
- Board begins search for permanent replacement as tensions escalate
Canada’s Barrick Gold Corporation has parted ways with CEO Mark Bristow in an abrupt move widely seen as linked to its bitter dispute with Mali’s military government over a flagship mine.
The company announced Bristow’s departure on Monday without explanation, naming chief operating officer Mark Hill as interim CEO. A search has begun for a permanent replacement. Bristow, who had previously signalled plans to retire in 2028, was wished “the very best for his future.”
The change comes despite Barrick posting strong second-quarter earnings and a major discovery at its Fourmile project in Nevada. Industry analysts say Bristow’s exit reflects board frustration over the fallout in Mali, where the company lost control of the Luolo-Gounkoto mine complex after a dispute over taxes and dividends. Barrick has written down $1 billion from the venture.
Clash with Mali’s government
At the centre of the dispute is Mali’s 2023 mining code, introduced to increase the state’s share of resource wealth. Authorities demanded about $500 million in back taxes and dividends. Barrick countered with a $350 million offer, but talks collapsed. Bristow was later declared wanted by Malian officials for alleged tax offences.
The dispute intensified after Malian authorities arrested visiting executives from Australia’s Resolute Mining on tax charges in December, only releasing them after a $160 million payment.
Observers say Bristow’s military background – he once served as a soldier in apartheid-era South Africa before founding Randgold Resources – may have exacerbated tensions with Mali’s leader Assimi Goita, a younger special forces commander who seized power in 2020 and has pivoted the country toward Russia.
“Bristow probably thought it was business as usual but was stomped by Mali’s hardline stance,” said Felix Iwanem, a London-based mining analyst. “Now his board appears to be saying he could’ve done better.”
High stakes for Barrick
Barrick acquired Randgold Resources in 2019 for $6.5 billion, bringing Bristow on as CEO and making Mali a core hub of its African operations. The Luolo-Gounkoto mines, first developed under Bristow in the 2000s, account for around 15% of Barrick’s global mining assets.
With its permit up for renewal next year, Barrick will likely seek to reset relations with Mali’s junta. Analysts say removing Bristow could be part of that strategy.
“Mali has adopted a new brand of resource nationalism, and Barrick cannot afford to misread it again,” Iwanem said.
