Barrick Gold Navigates Leadership and Legal Challenges in Africa

As markets await quarterly results, Barrick Gold confronts a critical period marked by executive uncertainty and escalating international disputes. The mining giant faces pressure on multiple fronts, with an unexpected CEO departure and a worsening legal situation in Mali creating significant headwinds for the company's African operations.

The sudden exit of CEO Mark Bristow in late September has raised questions about Barrick's strategic direction. Having established himself as an Africa specialist following the 2019 merger with Randgold, Bristow's departure came just three months after Mali's government assumed control of the crucial Loulo-Gounkoto gold complex. This timing has fueled speculation about internal disagreements regarding the company's approach to the West African nation.

Mark Hill, now serving as interim chief executive, faces the dual challenge of stabilizing leadership while managing ongoing operational disruptions. His performance during the upcoming management webcast on Monday, November 10, will be closely watched by investors seeking reassurance about the company's direction.

Mounting Financial Impact from Mali Dispute

At the core of Barrick's current difficulties lies the financially damaging conflict over its Malian assets. The Loulo-Gounkoto complex, a strategically vital operation, has been under state control since mid-June 2025. The situation deteriorated further in late October when the World Bank's International Arbitration Tribunal denied Barrick's request for expedited proceedings, ensuring the legal battle will continue for the foreseeable future.

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The Mali crisis has already taken a substantial financial toll. Barrick recorded impairment charges totaling $1.04 billion during the second quarter directly attributable to the situation. This development comes amid growing resource nationalism across Africa, presenting broader challenges for international mining companies operating in the region.

Quarterly Results to Set Direction

All eyes turn to November 10 when Barrick releases its third-quarter figures. These results will serve as a crucial test for the interim leadership team and are expected to address three key investor concerns:

• The operational consequences of the prolonged Mali dispute
• The timeline for appointing a permanent CEO
• Whether the company will maintain its full-year guidance

The quarterly disclosure arrives against a backdrop of mixed technical indicators. While Barrick shares currently trade around €28.50, remaining above important moving averages, the gap to its 52-week high above €30 reflects recent pressures. The Relative Strength Index reading of 28.4 suggests the stock may be oversold.

Barrick's ability to regain momentum hinges on demonstrating operational stability and leadership credibility. With African operations representing a significant portion of its portfolio, resolving the Mali situation and establishing consistent management will be essential for restoring investor confidence in the gold producer.