Barrick Gold’s sudden leadership shake-up in late 2025 caught many in the mining industry off guard. The exit of CEO Mark Bristow followed months of internal tension over his management of the company’s operations in Mali, where the loss of control over the Loulo-Gounkoto complex marked a turning point. His handling of Barrick’s flagship asset in Mali directly triggered the board’s decision to remove him from the top position, signalling deep concern over strategy and governance.
The dispute with Mali’s government over mining rights and seized gold created operational and financial strain. According to Reuters, the company wrote off roughly $1 billion after losing access to key assets and facing regulatory pressure. These setbacks, combined with lagging share performance and internal friction, eroded confidence in Bristow’s leadership.
As Barrick transitions under interim CEO Mark Hill, the company faces critical questions about its future in Mali and beyond. The events surrounding Bristow’s departure highlight how geopolitical risks, leadership style, and strategic decision-making can converge to reshape even the largest mining enterprises.
Mali Dispute and the Loss of Loulo-Gounkoto Complex
Barrick Gold’s conflict with Mali’s government escalated from a regulatory disagreement into a full-scale operational crisis. The company faced asset seizures, production halts, and a billion-dollar write-down that reshaped its presence in West Africa and influenced investor sentiment on the TSX: ABX.
Escalating Tensions with Malian Authorities
Tensions between Barrick Mining and Mali’s military-led government intensified after the 2021 coup. The new regime sought greater control over natural resources and demanded compliance with a revised mining code. Barrick resisted, citing the sanctity of its existing agreements.
Government officials accused the company of underpaying royalties and withholding tax revenues. In response, Mali’s Ministry of Mines increased inspections and delayed export permits.
The dispute centred on the Loulo-Gounkoto gold complex, Barrick’s flagship asset in Mali. The mine had long been a cornerstone of the country’s gold output. However, strained negotiations and political instability eroded trust between Barrick and the state, setting the stage for government intervention.
Seizure of Assets and Government Intervention
By mid-2025, the Malian government had moved to seize control of the Loulo-Gounkoto complex. Authorities blocked gold exports and detained several company employees. Reports confirmed that roughly 3 metric tonnes of gold were confiscated, valued at more than US$300 million, according to Reuters.
A Malian court later granted the state temporary operational control of the site. The government justified the action as a measure to protect national interests under the new mining code.
Barrick’s leadership, under then-CEO Mark Bristow, condemned the move as unlawful and politically motivated. The company’s on-the-ground operations were disrupted, and security forces restricted access to mining facilities, halting production across the complex.
Financial and Operational Impact on Barrick Gold
The loss of the Loulo-Gounkoto complex forced Barrick Gold to record a US$1 billion write-down, as noted in The Globe and Mail. This impairment reflected both the seized gold and the uncertainty surrounding future operations in Mali.
The company sold two North American mines to stabilize its balance sheet. Shares on the Toronto Stock Exchange (TSX: ABX) fell about 4% following the announcement of Bristow’s exit.
Investors expressed concern over Barrick’s exposure to geopolitical risk. While the gold price remained near record highs, Barrick’s performance lagged peers such as Agnico Eagle, underscoring the cost of political disputes in key jurisdictions.
International Arbitration and Legal Actions
Barrick initiated arbitration proceedings under international investment treaties to challenge Mali’s actions. The company argued that the seizure violated bilateral agreements guaranteeing fair treatment for foreign investors.
Legal teams in London and Toronto coordinated the filings, seeking compensation for lost production and seized assets. Mali’s government, in turn, defended its right to enforce domestic mining laws.
The arbitration process is expected to take several years. Analysts believe the outcome will influence how other Canadian miners approach investments in politically sensitive regions. Barrick continues to pursue diplomatic engagement while maintaining that the Loulo-Gounkoto complex remains a critical component of its long-term portfolio.
Leadership Fallout and Strategic Consequences
Barrick Gold’s leadership change followed months of internal tension, operational setbacks in Mali, and a widening gap between corporate strategy and board expectations. The transition has reshaped the company’s executive structure, prompted a review of its global portfolio, and raised questions about how Barrick will balance geopolitical risk with growth ambitions.
Mark Bristow’s Approach and Board Tensions
Mark Bristow’s management style, often described as assertive and independent, became a growing concern among Barrick’s directors as the company’s Mali operations deteriorated. His refusal to adopt Mali’s revised mining code and the subsequent seizure of gold by the government intensified scrutiny from the board.
Chairman John Thornton and Bristow reportedly clashed over governance and communication practices. According to Reuters, the relationship between the two leaders was marked by friction, with Bristow’s unilateral decision-making viewed as increasingly problematic.
The loss of control over the Loulo-Gounkoto complex and a $1 billion write-off weakened confidence in his leadership. Board members concluded that a change at the top was necessary to restore investor trust and stabilize operations in high-risk jurisdictions.
Succession Planning and Appointment of Interim CEO
Barrick’s board acted swiftly following Bristow’s resignation, naming Mark Hill, the company’s Chief Operating Officer, as interim CEO. Hill, who previously oversaw operations in Latin America and the Asia–Pacific region, was seen as a steady hand capable of maintaining continuity during the transition.
The company confirmed that it had begun a formal search for a permanent chief executive. Reports from Mining.com indicated that succession discussions had started months earlier, reflecting growing unease with Bristow’s handling of the Mali dispute.
Hill’s appointment also signalled the board’s intent to prioritise operational discipline and stakeholder engagement. Analysts noted that potential successors, including executives such as Natascha Viljoen, might bring a more collaborative approach to managing Barrick’s global footprint.
Portfolio Reshaping and Share Performance
Under Bristow’s tenure, Barrick completed several divestments and pursued new copper–gold opportunities, including the Reko Diq project in Pakistan and the Fourmile Gold Project in Nevada. However, these strategic moves were overshadowed by setbacks in Africa and underperformance relative to peers.
Barrick’s shares rose 37 per cent since 2020, compared with Agnico Eagle’s 110 per cent gain over the same period. The company’s lagging return reflected investor concerns about geopolitical exposure and delayed project timelines.
| Company | 5-Year Share Growth | Key Region of Focus |
|---|---|---|
| Barrick Gold | +37% | Africa, North America |
| Agnico Eagle | +110% | Canada, Finland |
| Newmont | +65% | Americas, Australia |
These figures underscored the market’s preference for miners with lower jurisdictional risk and consistent production growth.
Implications for Future Strategy and Global Operations
Barrick’s leadership transition has prompted a reassessment of its global strategy. The board is expected to focus on risk diversification, particularly reducing dependence on politically volatile regions such as Mali.
Analysts anticipate a stronger emphasis on North American and Asia–Pacific assets, where regulatory frameworks are more stable. The company’s continued investment in Reko Diq, a large-scale copper–gold project, suggests a pivot toward assets aligned with long-term energy transition demand.
The appointment of Mark Hill as interim leader signals continuity but also opens the door for cultural change. Future leadership decisions will likely centre on balancing Bristow’s legacy of growth with a renewed focus on governance, transparency, and operational resilience.
