Barrick Mining Corp. Parts Ways with CFO Graham Shuttleworth in Leadership Shakeup

Barrick Mining Corp. ABX-T is parting ways with its long-time chief financial officer Graham Shuttleworth, the latest leadership change as the big Canadian gold miner works with an activist shareholder behind the scenes to reinvigorate the company after a long period of underperformance. In a statement on Monday, Toronto-based Barrick said that Mr. Shuttleworth, who had been at the company for seven years, is leaving after it files its year-end financial results. Mr. Shuttleworth joined the company after it acquired Randgold Resources Ltd. in 2019, and for decades worked alongside Mark Bristow, the former chief executive of Barrick. On March 1, Mr. Shuttleworth will be replaced by current Barrick board member Helen Cai, a resident of China, and a former equity analyst and investment banker with state-controlled China International Capital Corp. Ms. Cai earlier worked as an equity analyst with Goldman Sachs. She was educated at Tsinghua University in China and at the Massachusetts Institute of Technology in the U.S. She has been a board member since 2021. Canada’s second-biggest gold miner has unveiled a slew of leadership changes since the fall, beginning with the abrupt departure of Mr. Bristow in September. Like Mr. Shuttleworth, Mr. Bristow joined after Barrick acquired Randgold. Barrick cut ties with several more executives later in 2025, including Kevin Thomson, senior executive VP of strategic matters, and Christine Keener, chief operating officer for North America. Lead independent director Ben van Beurden also stepped down. U.S. activist investor Elliott Investment Management L.P. last year amassed a $1-billion stake in the Canadian gold miner and has been agitating for change, including splitting up the company to help reduce its risk profile. Barrick has long traded at a discount to peers such as Agnico Eagle Mines Ltd. AEM-T in large part because of its heavy exposure to jurisdictions such as Africa, the Middle East, Pakistan and Papua New Guinea. Barrick late last year said it is considering an initial public offering of a minority stake in its North American mines, a strategy that falls far short of a full split. As the Canadian gold miner has unveiled its leadership and strategy changes over the past few months, its stock has performed strongly, returning nearly 50 per cent since late Sept. Gold bullion has also raced to all time highs several times during that period. Investors assign a premium valuation to Barrick‘s North American mines, while multiple geopolitical spats at its African sites over the years have led to those assets being valued at a significantly lower level. Last year, Barrick was forced to shut down its Malian operations after clashing with the country’s military leadership over a new mining code. The company in November reached an agreement with Mali to end the dispute, but the terms of the deal were not made public. It’s also not clear when Barrick will resume mining operations in the country.