• Barrick is considering a breakup that would separate its North American assets from its African and Asian portfolio, or a direct sale of its African mines.

• Interim CEO Mark Hill signalled a strategic pivot toward U.S. and Dominican gold mines, diverging sharply from Mark Bristow’s Africa-focused legacy.

• Barrick’s Nevada operations accounted for 42% of its attributable gold output in 2024, reinforcing investor pressure to prioritise stable jurisdictions.

Barrick said in September 2025 that CEO Mark Bristow had resigned. The board appointed Mark Hill, a specialist in U.S. markets, as interim CEO. His appointment signals a likely change in strategy, as Bristow was the architect of Barrick’s African portfolio.

Hill said last week that Barrick now intends to focus growth on its U.S. and Dominican gold mines. His comments, combined with media reports of a potential breakup of the Canadian miner, suggest the end of Barrick’s African cycle.

Sources cited by Reuters said the board is considering splitting the company into two entities: one focused on North America and the other on Africa and Asia. The alternative under review is a full sale of the African assets, which include operations in Mali, the Democratic Republic of Congo and Tanzania.

Barrick has not confirmed either option. However, they reflect a clear divergence between Hill’s preferences and Bristow’s record. Bristow built his career on developing assets in complex African jurisdictions, while Hill is associated with more predictable operating environments after overseeing Barrick’s assets in Latin America and Asia-Pacific.

Market Pressure Mounts After Operational Setbacks

Bristow also faced market pressure over several decisions. His push to develop the Reko Diq copper-gold mine in Pakistan and his dispute with the Malian authorities contributed to tensions. Mali accounted for 15% of Barrick’s attributable output in 2024. The dispute centred on a tax bill worth several hundred million dollars. It led Barrick to shut the Loulo-Gounkoto mine temporarily before a Malian court ordered its reopening in June 2025 and detained four local executives.

The shift toward American assets now aims to reassure investors. In the United States, Barrick co-operates several mines with Newmont in Nevada. That complex delivered 42% of Barrick’s attributable gold production in 2024. In the same district, Barrick owns 100% of the Fourmile deposit, which can produce 600,000 to 700,000 ounces annually over more than 25 years.

Analysts at Jefferies wrote in late September: “Given the market’s recent favourable reception to Barrick’s expanding Fourmile discovery in Nevada, we expect attention to shift to that region. We would not be surprised to see the company reduce its exposure to geopolitically sensitive regions.”

Uncertain Future for Assets Built Under Bristow

A sale or a split would close the chapter Bristow opened with the 2018 Randgold merger, which added several African mines to Barrick’s portfolio. Key questions remain, especially regarding the future of Loulo-Gounkoto, the mine at the centre of Barrick’s dispute with Mali. Barrick is pursuing arbitration against Mali at ICSID, although an amicable settlement is not ruled out.

Across Africa, Barrick also owns 45% of the joint venture operating the Democratic Republic of Congo’s largest gold mine, Kibali. It holds majority stakes in several Tanzanian gold mines and operates a copper mine in Zambia.

This article was initially published in French by Emiliano Tossou

Adapted in English by Ange Jason Quenum