Barrick Gold Corporation, the Canadian mining giant and co-owner of Congo’s flagship Kibali Gold mine, confirmed the unexpected resignation of its chief executive, Mark Bristow, after nearly seven years at the helm.
In a statement reviewed by M&B Magazine, Barrick said Mark Hill, the company’s current chief operating officer for Latin America and the Asia-Pacific region, has been appointed interim president and CEO effective September 29.
The sudden departure comes just months after Barrick reported strong midyear results and renewed growth prospects — particularly in the DRC, where Kibali remains one of its most profitable and strategically important assets.
The timing also coincides with rising troubles for Barrick in Mali, where the government recently seized gold reserves and detained senior company executives. According to Reuters, discussions over Bristow’s replacement had “in fact begun at least six months ago”, as tensions escalated over the company’s operations there. Over the past nine months, Barrick lost control of the Loulo-Gounkoto gold complex and saw three tons of gold confiscated by the Malian government.
Since orchestrating the 2019 merger between Randgold Resources and Barrick, Bristow has overseen a sweeping transformation of the group — marked by $6.7 billion returned to shareholders and a $4 billion reduction in net debt.
Congo’s Kibali: Barrick’s crown jewel
Located in the country’s northeast, Kibali Gold Mine stands among Africa’s largest gold producers. Since first pouring gold in 2013, the mine has replaced every ounce it has extracted, representing over $6.3 billion in cumulative investment in the DRC, according to company data.
Kibali is jointly owned by Barrick (45%), AngloGold Ashanti (45%), and the state-owned SOKIMO (10%), with Barrick operating the site.
In 2024, Kibali produced about 310,000 ounces of gold at an average sales cost of $1,340 per ounce. The mine holds 4.6 million ounces in proven and probable reserves and 7.3 million ounces in measured and indicated resources.
In his final public remarks before stepping down, Bristow highlighted “promising results” from new drilling along the ARK–KCD corridor, saying the finds could extend Kibali’s lifespan well beyond its current 10-year plan.
Kibali has also become a model for renewable-powered mining, thanks to a 16-megawatt solar and battery plant that allows the site to run on 85% renewable energy, and entirely on green power for about half the year.
M&B
Mark Bristow Steps Down as CEO of Barrick, Co-Owner of Congo’s Kibali Gold, in Surprise Move
