JOHANNESBURG (miningweekly.com) – The president and CEO of Barrick, Dr Mark Bristow, is stepping down after elevating the New York- and Toronto-listed gold and copper mining company to great heights in fewer than seven years.

After his high-flying Randgold Resources merged with the then low-flyng Barrick in 2019, South African-born Bristow led the hugely successful integration of the two companies, and during his tenure made very fruitful investments in Barrick’s world-class assets to boost profitable gold and copper growth.

Since the merger with Randgold, Barrick has returned $6.7-billion to shareholders and reduced net debt by $4-billion.

Under Bristow, Barrick has streaked ahead as a leading global mining, exploration and development company, with very advantageous discovery and development outcomes.

The most recent excellent set of second-quarter results reported outstanding operating performance, strong cash flows, an uplifted quarterly dividend and sturdy share price performance.

Six of the world’s Tier 1 gold mines and flourishing copper prospects have been bolting forward under Bristow across 18 countries and five continents.

Real, long-term value for all stakeholders has been created through responsible mining, strong partnerships and a disciplined approach to growth.

In Africa, Kibali in the north-east of the Democratic Republic of Congo (DRC) has stunned the world as one of the greenest and most automated gold mines while continuing to contribute to the Congolese economy with in-country investment now surpassing $6.3-billion, which included $3.1-billion in payments to local contractors and partners.

The mine remains the single biggest economic contributor to the north-eastern DRC, spanning the Haut-Uele and Ituri provinces.

On the environmental protection front, solar power and battery energy storage have boosted DRC’s clean hydropower.

When Bristow began building Kibali 15 years ago, the region was one of the DRC’s most underdeveloped but the value created and the infrastructure built there have since transformed the region into a new economic frontier and a flourishing commercial hub.

Moreover, work with the Congolese Institute for Nature Conservation and African Parks has resulted in the DRC’s Garamba National Park becoming synonymous with white rhino, the most social of all rhino species.

Bristow also highlighted how Africa’s Tanzania delivered “another on-track quarter with North Mara continuing its steady performance”.

At Tanzania’s Bulyanhulu, expansion is continuing with a spotlight on a second access and production area to support future growth. With associated royalty reduction benefit, Barrick is adapting to the new legislation that is being implemented in Tanzania, which requires 20% of gold production to be reserved for in-country trading.

In Zambia, copper progress at the Lumwana Super Pit Expansion is exciting Barrick amid the operation continuing on a steady upward trajectory, with year-on-year and quarter-on-quarter increases in production and a positive reduction across all key metrics.

The Lumwana Super Pit Expansion is not only well on track but has so far this year funded itself through operating cash flows, which will continue for the rest of the year at current spot prices.

Once complete, the expanded Lumwana is expected to deliver 240 000 t/y of copper, supported by a 52-million-ton-a-year processing plant and a mine life of more than 30 years.

Last year, Lumwana’s second quarter copper production was 25 000 t compared with this year’s second-quarter production of a far higher 44 000 t.

With this production surge has come a commensurate drop in the unit cost per pound of copper and lower all-in sustaining costs.

Lumwana second-quarter production was up 63%, cash costs down 29%, and the second-quarter run rate is persisting.

And the list of Bristow’s discovery and development success stories could go on and on…

When Mining Weekly went to Mali, it was clear that Bristow was the hero of the workforce he developed there. After hearing the the workers cheer Bristow with great enthusiasm, Mining Weekly asked them why they liked him so much and got this reply: "What we used to earn in a year, we now earn in a month."

But the new errant Malian government has disrupted things to a point of the West African country’s overall gold production falling by 32% year-on-year to 26.2 t as at the end of August, weighed down by the months-long suspension of Barrick’s operations.

In Pakistan, Bristow earned as much esteemed recognition as he had done in Mali. The exceptional discovery and development approach he displayed in Mali has also been appreciated at Reko Diq copper in Pakistan, to the extent that that the Asian Development Bank has come forward with a $410-million financing package to help to turn this huge untapped deposit to account from 2028 – and generate an estimated $70-billion in free cash over its lifespan.

Reko Diq will produce 200 000 t of copper a year in its first phase, rising to 400 000 t after an expansion. The mine has potential to extend well beyond its 37-year life through upgrades and further exploration.

Most interestingly, under Bristow, Barrick’s promising growth assets required neither new debt nor share dilution and Bristow’s leadership has resulted in the company consistently and materially adding to reserves per share that provide investors with significantly increased long-term value.

Moreover, while the hugely successful exploration engine has been active in every major mineral belt, the company, under Briwtow, has continued to pay out dividends on a quarterly basis.

Very frugally, Barrick, under Bristow, has led the industry by miles in replacing and growing reserves through the drill bit and not through overpriced mergers and acquisitions (M&A).

What is astounding is that since 2021, 111-million gold equivalent ounces of reserves have been added at a cost of just $10 per gold equivalent ounce, compared with M&A deals in the sector averaging over $440 per ounce, and in some cases more than double that.

Bristow’s disciplined strategy has included colossal organic growth plans and reinforced the long-term value of Barrick hugely.

However, effective immediately, is the appointment of Mark Hill as Barrick’s COO and interim president and CEO. Until now, Hill, who joined in 2006, has been responsible for Barrick's Latin America and Asia Pacific regions, and has experience in strategy, corporate development and global project development.

A process to arrive at a permanent appointment has been embarked upon.