(Kitco News) - In a surprising coincidence, the gold mining sector has seen a major shakeup, as the CEOs of the world’s top gold producers announced their departures on the same day.
Early Monday, Barrick Mining, one of the world’s largest gold producers, announced that, effective immediately, Mark Bristow was resigning as the company’s President and Chief Executive Officer. The board appointed Mark Hill as Group COO and Interim President and Chief Executive Officer.
The company provided no reason for the abrupt departure. Bristow became CEO in 2019 following Barrick’s merger with Randgold.
Since the merger, Barrick has returned $6.7 billion to shareholders and reduced net debt by $4 billion. The company has reported strong profits and margins as gold prices enjoy their best year-to-date rally since 1979.
“On behalf of the Board, I want to thank Mark for his leadership of Barrick. During his tenure, Mark strengthened our portfolio and helped position Barrick as a leading global producer of gold and copper. As a result, the Company is well-positioned for the next phase of our growth and value creation for all shareholders. We wish Mark the very best for his future,” said John Thornton, Chairman of Barrick’s board. “We are delighted to welcome Mark Hill as Group COO and Interim President and CEO. His caliber, experience and deep knowledge of the Company will ensure we maintain momentum.”
Analysts note that Bristow’s departure comes as Barrick’s mining operations in Mali remain a drag on the company.
The dispute between Barrick and the Malian government began in 2023, when the country updated its mining code, increasing government royalties and equity stakes in joint ventures. Barrick has been the only company to push back on the government’s revised policies.
Tensions have continued to escalate. Earlier this year, Barrick shut down its mine completely; however, in the summer, government authorities placed Loulo-Gounkoto under state control. In August, Barrick reported a $1 billion impairment charge, cutting the carrying value of its 80% stake in the mine, which once generated 15% of the company’s gold output.
While analysts were surprised by Bristow’s departure, Newmont’s announcement has been more orderly.
Tom Palmer, who has served as Chief Executive Officer (CEO) since 2019, announced he will resign from Newmont’s Board of Directors and as CEO on December 31, 2025.
Natascha Viljoen will succeed Palmer as the company’s new President and CEO, becoming Newmont’s first female chief executive.
Natascha Viljoen joined Newmont in 2023 as EVP and COO, bringing with her more than three decades of global leadership experience across multiple commodities and continents. Prior to joining Newmont, she served as CEO of Anglo American Platinum (now Valterra), the world’s largest primary producer of platinum, and was a member of the Anglo American plc Group Management Committee.
The shake-up is creating some interesting speculation in the marketplace.
Time to merge Barrick and Newmont?
— Rick Rule (@RealRickRule) September 29, 2025
BREAKING: CEOs of the world’s top two gold giants OUT! Gold at $3816/oz. Both led through the market’s darkest days, slashing debt. New blood, new strategies. Gold stocks’ next bull run starts NOW! 🪙💥 #GoldRush #BullMarket
— Marin Katusa (@MarinKatusa) September 29, 2025
