South African Sebastiaan Bock handed the reins at Barrick’s international operations

Barrick Mining, one of the world’s top three gold producers, has appointed South African Sebastiaan Bock as CEO for operations outside North America.

The announcement coincides with a plan to split the group’s North American and “rest of world” portfolios to unlock value.

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The rest of world portfolio includes gold and copper assets across Africa, the Middle East, Latin America, and Asia Pacific.

It produces more than two million gold equivalent ounces a year, out of Barrick’s 3.26 million ounces in 2025. The rest of world portfolio is expected to grow by more than 20% over the next three years.

The 47-year-old Stellenbosch University graduate was previously general manager for finance at Randgold Resources, founded by fellow South African Mark Bristow, who then merged the company with Barrick in 2019 and became its CEO until his departure in 2025. Bristow was succeeded by Mark Hill.

‘Ideal’ for the role

Bock joined Randgold in 2008 under Bristow and, following the merger with Barrick, moved from regional CFO to chief operating officer for Africa and the Middle East.

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Barrick credits Bock with helping resolve its prolonged confrontation with Mali, progressing the $2 billion expansion of the Lumwana copper mine in Zambia, lifting throughput at Kibali in the Democratic Republic of Congo (DRC), and growing reserves at mines in Mali and Tanzania.

“Seb’s experiences and accomplishments are tailor-made for Barrick to build on this unique advantage,” said Barrick president and CEO Mark Hill.

“He has experience across operations, finance, strategic planning, geopolitical issues, human resources, and risk management. Seb is the ideal person to grow our Rest of World business. He is a perfect example of Barrick’s deep and global bench, and the integrity and character of its leaders.”

The Mali matter

Bristow left Barrick in 2025 without any official explanation, though it was widely speculated to have been over a dispute with Mali resulting in operations being suspended in January 2025 and the government seizing about three tonnes of Barrick gold.

Read: Barrick says Mali’s bid to take over gold mine lacks legal basis

Barrick settled with Mali soon after Bristow’s departure, paid $430 million in compensation over various disputes, and regained operational control of its Loulo-Gounkoto mining complex.

Loulo-Gounkoto is an integrated complex of open-pit and underground mines in western Mali. Before operations were suspended, Barrick’s 80% share produced 578 310 ounces in 2024, roughly 15% of the group’s total gold output that year.

Despite a rising gold price and some strong operational achievements, Barrick’s shares lagged major competitors. Reuters calculated that Barrick’s shares rose about 37% between 2020 and Bristow’s departure, compared with roughly 110% for Agnico Eagle, the world’s second largest gold producer.

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Restructuring

Investors have pressured Barrick to unlock value, with claims the group is undervalued relative to its peers due to grouping North American operations with mines from politically weaker jurisdictions such as Mali, Pakistan, Papua New Guinea and the DRC.

Bristow’s model was built on operating in countries where others were more taciturn. That had worked well at Randgold, but the Mali crisis exposed the risks.

Bock’s appointment is part of a broader restructuring that divides Barrick into two distinct businesses:

The North American gold assets are being prepared for a minority listing under Hill; while
Bock takes charge of the African, Asian, Middle Eastern and Latin American portfolio that will remain inside the existing Barrick group.

Although not yet a full break-up, the structure leaves the door open to a more complete separation later.

Hill will be in charge of the lower-risk North American gold assets, while Bock inherits the more challenging but potentially faster growing and copper-heavy part of the portfolio.

Where Bristow became one of the mining industry’s most recognisable and outspoken executives, Bock has so far maintained a lower public profile, appearing mainly at investor presentations to discuss operating performance and expansion projects.

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