Barrick changes CFO as overhaul continues ahead of possible IPO

Barrick Mining Corp. appointed Helen Cai as chief financial officer, replacing Graham Shuttleworth whose departure adds to a string of senior exits at the Canadian miner amid speculation it could be acquired or broken up.

Cai, who has served on Barrick’s board since 2021, will take up the role of CFO and senior executive vice president on March 1, the company said Monday. Shuttleworth, who has been with Barrick since its acquisition of Randgold Resources in 2019, will work with Cai to ensure a smooth handover, the company added.

The announcement comes at a time of uncertainty for one of the world’s largest gold miners after the abrupt exit of Mark Bristow as chief executive officer in September.

Interim CEO Mark Hill has continued to shake up management since then — with several other leaders departing after Bristow — as the company weighs a potential initial public offering for its North American gold assets. The new vehicle is likely to become an acquisition target for Newmont, according to analysts including National Bank Financial analyst Shane Nagle.

Bloomberg reported last year that Newmont Corp. had studied a deal to gain control of the two companies’ prized Nevada mines, though its unclear how receptive Barrick would be to any overtures.

Barrick shares rose as much as 2.4% in Toronto Monday as precious metals extended their record-breaking rallies.

(By Sybilla Gross)