Barrick Mining Launches Major Management Overhaul Amid Acquisition Rumors
Barrick Mining Restructures Leadership as Elliott Takes Stake and Acquisition Talk Rises
Barrick Mining Corp. is undertaking a sweeping management overhaul as the Canadian gold producer faces mounting speculation about a potential acquisition or corporate breakup.
According to an internal letter to employees from newly appointed chief executive officer Mark Hill—reviewed by Bloomberg—the company is implementing significant leadership changes and revising its regional operating model. Two senior managers and a top executive are departing as part of the restructuring.
The move comes shortly after activist investor Elliott Investment Management LP acquired a substantial stake in Barrick. The firm has been under pressure following operational setbacks and cost overruns that left it lagging behind competitors despite soaring gold prices.
Barrick has also been troubled by the seizure of a key mine in Mali and three fatalities this year. Former CEO Mark Bristow abruptly stepped down in September.
Hill is initiating the restructuring as reports circulate that Barrick is evaluating a potential breakup, including the possibility of splitting into two publicly listed companies. Last month, Bloomberg reported that Newmont Corp. examined a deal that would give it control of both companies’ highly valued Nevada assets.
In his letter, Hill described Barrick’s recent safety record as “deeply concerning” and its operational performance as “inconsistent.”
“While the fundamentals of our company are excellent, we cannot continue to operate in this way,” Hill wrote. The changes, he added, are intended to better align the operating model with strategic priorities and concentrate leadership where it can have the greatest effect.
Barrick declined to comment on the developments.
As part of the reorganization, the company will integrate its Dominican Republic operations into its North American division and merge its Latin American and Asia-Pacific regions into a single operating unit.
Several senior personnel changes were also announced. Kevin Thomson, head of corporate development, has left the company, as have Christine Keener, chief operating officer for North America, and Kevin Annett, North American chief financial officer. Their roles will be filled by George Joannou, Tim Cribb, and Wessel Hamman, respectively.
Hill also revealed that Barrick’s major Pakistan copper project, Reko Diq, will operate under its own leadership structure due to its scale. Chad Coulin will serve as project director, while Gui Recena Costa will lead the consolidated Latin American operations.
Despite recent challenges, Barrick’s shares have risen 119% over the past year—though this remains below the average 131% gain among its peers as investors increasingly turn to gold amid concerns over government debt and shifts in central bank reserve strategies.
