Mali may be the reason why Barrick Mining (TSX: ABX) removed CEO Mark Bristow after months of escalating fallout where the miner lost control of the Loulo-Gounkoto complex and had 3 metric tons of gold seized, contributing to a $1-billion write-off and a 4% share decline.
Chairman John Thornton announced Bristow’s immediate departure and appointed COO Mark Hill as interim CEO on Monday, with a global search for a permanent chief executive underway.
Barrick gave no reason for the change but according to people familiar with the matter, directors had been discussing replacing Bristow for at least six months as Mali-related risks mounted.
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A former Barrick executive described the relationship between Thornton and Bristow as tense and said peers dubbed the outgoing CEO “Mercurial Mark,” noting he centralized key decisions and scrapped a weekly staff meeting.
In the past nine months, the state seized 3 metric tons of gold and Barrick lost control of Loulo-Gounkoto. People close to Mali’s government said Barrick’s mining license comes up for renewal in February 2026 and, absent an agreement before then, the company could lose the asset entirely.
Tensions trace back to the 2021 military coup and the regime’s push for higher mining revenues. Barrick’s refusal to adopt the new mining code preceded the arrest of four employees last year, a state seizure of gold worth at least $300 million, and a temporary government takeover of its mines.
The financial consequences extended beyond Mali. Barrick recorded a $1-billion write-off and sold two mines in the US and Canada, reshaping its portfolio under Bristow even as the company’s future in Mali turned uncertain.
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Mali to Pakistan?
Barrick is also reportedly advancing the Reko Diq copper-gold project in Pakistan, a planned investment that some investors view through a geopolitical-risk lens.
Jefferies noted concerns about Barrick’s exposure in Africa and its commitment to Reko Diq in a client note. Citi called the announcement “surprising” and wrote, “One question is whether this will lead to bigger changes at Barrick… A new CEO could bring a new strategy in Mali, at Reko Diq or for the portfolio.”
Prior to him stepping down, Bristow said in May he intended to remain CEO until 2028 to oversee the development of Reko Diq.
What changes next is succession and a ticking Mali clock. Barrick’s license renewal deadline in Mali—February 2026—now anchors the company’s near-term strategic decisions.
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