Gold giants Newmont and Barrick lose CEOs on same day
Newmont and Barrick Gold's chief executives have both announced their departures, with Newmont appointing its first female CEO in its 104-year history.
The bosses of the world’s two biggest gold miners have headed for the exit with the price of the precious metal at record highs.
Newmont boss Tom Palmer said that after almost 40 years in the mining industry he intended to retire.
His decision to call time coincided with the sudden departure of Mark Bristow as chief executive of Barrick Mining effective immediately.
Mr Palmer, who was born in Broken Hill and spends much of his time in Perth, is handing the Newmont reins to Natascha Viljoen.
South African-born Ms Viljoen becomes the first woman chief executive in Newmont’s 104-year history.
Mr Palmer’s exit comes two years after he convinced the Newmont board to acquire Newcrest, at the time the biggest gold miner on the ASX, for $26bn.
The deal gave New York-listed Newmont control of Australia’s three biggest gold mines – Boddington in WA, Cadia in NSW and Tanami in the Northern Territory - and it retains a secondary listing on the ASX.
Other transformative deals during his time in charge included the Goldcorp acquisition and the Nevada Gold Mines joint venture. Newmont also sold its share in the fabled Superpit mine at Kalgoorlie to Northern Star soon after Mr Palmer became chief executive in 2019.
More recently it sold the Telfer mine in WA to Andrew Forrest-backed Greatland Gold as part of a portfolio reset.
Mr Palmer will step down as Newmont on December 31 and serve as a strategic adviser until his retirement in March 2026.
He joined Newmont in 2014 and became its chief operating officer in 2016 before being appointed as chief executive in 2019.
“After 12 years with Newmont, and almost 40 years in the mining industry, it is time for me to retire and hand over to Natascha to lead our company through the next chapter in its storied history,” Mr Palmer said.
“It has been a privilege to serve as CEO of Newmont. I am confident that Natascha and Newmont will seize the many opportunities that lie ahead for our business.”
Ms Viljoen, who joined Newmont as chief operating officer in 2023, brings more than 30 years of global mining experience, including senior roles at Anglo American, where she was chief executive of the platinum business, and BHP.
While the Newmont leadership transition had been well flagged, Mr Bristow’s departure at Barrick was abrupt.
Barrick has Mark Hill as interim president and chief executive as it started the search for a permanent replacement for Mr Bristow.
Mr Hill, who is currently responsible for Barrick’s Latam and Asia Pacific regions, joined Barrick in 2006 and has experience in strategy, corporate development and leading major projects.
Mr Hill said Mr Bristow was stepping down after nearly seven years at the helm. He joined Barrick following its merger with Randgold in 2019.
Mr Bristow made no comment in Barrick announcement about his departure.
Barrick announced the sale of its Hemlo mine in Ontario for up to $US1.09bn earlier this month, a move that will mark its exit from Canadian gold mining.
Mr Bristow has also been at the forefront of legal and political battles with the ruling military junta in the African nation of Mali, where its Loulo-Gounkoto operations have faced repeated seizures and executives have been detained.
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