Gold’s wild week: CEOs leave, prices soar, China rises

Gold’s power players just rewrote the script this week. [AI composed image of Mark Bristow (Source: Barrick.) and Tom Palmer (Source: Newmont.)]

The global gold sector was jolted this week by a cascade of major developments not seen in decades.

It began with the sudden departure of Mark Bristow from Barrick Mining (TSX: ABX) (NYSE: B). The long-time executive who had pledged in May to stay until 2028 to oversee projects such as the $9-billion Reko Diq copper and gold mine in Pakistan, stepped down abruptly.

Barrick quickly named Mark Hill as interim chief while it searches for a permanent replacement.

Bristow, a South African known for his blunt style and penchant for risk-taking, took the helm of Barrick in 2019 after orchestrating its merger with Randgold, where he had generated a 4,000% return. But his tenure at Barrick frustrated some investors, as the Toronto-based miner has struggled to match rivals’ performance despite record-breaking gold prices.

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Barrick has also been mired in disputes, including a tax standoff in Mali that cost it control of the Loulo-Gounkoto mine.

Another one bites the dust

Within minutes of Barrick’s announcement, rival Newmont (NYSE: NEM) unveiled its own shakeup. Natascha Viljoen, the company’s chief operating officer who was promoted to president in May, will become Newmont’s chief executive on January 1, succeeding Tom Palmer upon his retirement.

Viljoen, credited with operational gains at Anglo American Platinum, now Valterra Platinum, will be the first woman to lead Newmont in its 104-year history.

The timing of these leadership shifts coincides with gold’s blistering run. Prices have surged more than 45% this year, hitting successive records — above $3,800 an ounce on Monday and peaking over $3,895 on Wednesday.

Yet both Barrick and Newmont have lagged peers like Agnico Eagle and Kinross, frustrating shareholders eager for stronger returns.

Golden IPO

Capping a whirlwind week, China’s Zijin Mining vaulted into the spotlight. The company surpassed $100 billion in market capitalization late last week, becoming the world’s third-largest miner by value. On Tuesday, its subsidiary Zijin Gold International raised $3.2 billion in a Hong Kong IPO, nearly half of the $6.7 billion the sector attracted from new listings and block trades in the third quarter.

With prices soaring and power shifting, the gold sector is hurtling into a new era.