Two of the world’s top gold producers by market capitalization have simultaneously announced leadership changes, sending ripples through the mining sector.
Barrick Mining Corp (TSE: ABX) (NYSE: B) (ETR: ABR0) and Newmont Corporation (TSE: NGT) (NYSE: NEM) (FRA: NMM), two of the largest global gold miners, revealed they are replacing their chief executives within days of each other.
Analysts suggest investor pressure for higher growth and returns, coupled with a challenging operating environment, may have prompted the abrupt shifts.
Based in Canada, Barrick appointed veteran executive Mark Hill as interim president and CEO after Mark Bristow resigned unexpectedly.
Bristow led Barrick since its 2019 merger with Randgold Resources. He oversaw integration, portfolio reshaping, and debt reduction. Meanwhile, U.S.-based Newmont announced CEO Tom Palmer will step down at year-end. president and chief operating officer Natascha Viljoen will succeed him, becoming the first female CEO of the world’s largest gold miner.
The simultaneous announcements appear coincidental, but they are suggestive of growing pressure on executives to deliver performance in volatile markets.
Bristow’s departure surprised many. Citi analysts noted Palmer’s exit from Newmont was “well flagged” and unlikely to move markets. Conversely, Bristow’s resignation caught investors off guard. He had previously said he would remain CEO until 2028, overseeing major projects like the Reko Diq copper and gold development in Pakistan.
RBC Capital Markets analyst Josh Wolfson said the news could overshadow Barrick’s update on its Fourmile discovery in Nevada, which has the potential to become a top-tier gold asset.
Hill takes immediate control while Barrick launches a global search for a permanent CEO with Egon Zehnder’s help. It is unclear whether Hill will compete for the permanent role.
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Barrick operates 13 mines over four continents
Bristow was known for his tough negotiating style and hands-on approach, particularly in volatile regions like Africa. His tenure included a major challenge this year when Barrick’s Mali mine was seized by the military government over alleged tax non-payment. Further, this forced a USD$1 billion write-off.
Shares in Barrick, which operates 13 mines across Africa, Asia, Latin America, and North America, have risen 37 per cent since 2020. However, this lags behind fellow Canadian miner Agnico Eagle Mines Ltd (TSE: AEM) (NYSE: AEM) (FRA: AE9), which climbed 110 per cent over the same period despite record-high gold prices. U.S.-listed Barrick shares were up 0.8 per cent at 1445 GMT on Monday.
Meanwhile, Newmont prepares for a historic leadership change. Palmer will step down on December 31, with Viljoen taking over January 1. Viljoen will become one of the two highest-ranking women in the global mining industry, alongside Freeport-McMoRan’s (NYSE: FCX) Kathleen Quirk. Newmont shares opened at a record $87.93 on Monday, though they later fell to $84.04.
Since 2019, Palmer oversaw several transformative deals, including acquiring Goldcorp, forming the Nevada Gold Mines joint venture. It also purchased Australia’s Newcrest for USD$17 billion. Viljoen inherits a company with global assets and ongoing projects, as well as pressure to sustain growth and shareholder returns.
These near-simultaneous executive departures underline a broader industry trend. Mining companies face growing demands for higher performance, better returns, and the ability to manage geopolitical and operational risks. Investors will closely watch how Barrick and Newmont navigate leadership transitions, shaping the next era of global gold mining.
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