Barrick Mining Corporation appointed Sebastiaan Bock as Chief Executive Officer, Rest of World, on August 11, 2026. Effective immediately, Bock will oversee the company’s gold and copper operations and projects outside North America, a portfolio that includes assets in Africa, the Middle East, Latin America, and Asia Pacific. This leadership change aims to leverage Bock’s operational experience to drive growth in a segment expected to expand production by more than 20% over the next three years, building on a current output of more than two million gold equivalent ounces per year.

Bock reports to Mark Hill, President and Chief Executive Officer of Barrick. The appointment consolidates leadership for Barrick’s international operations, which Chairman John Thornton described as having a "distinct advantage" through partnerships with Chinese entities. Thornton highlighted that these collaborations enable higher efficiency, access to advanced technologies in exploration and processing, and comprehensive supply chain solutions. The strategy focuses on shared infrastructure and resources to derisk operations and improve outcomes across the Rest of World portfolio.

Mark Hill cited Bock’s diverse background in operations, finance, strategic planning, geopolitical issues, human resources, and risk management as key qualifications for the role. Hill stated that Bock is the "ideal person to grow our Rest of World business" and represents the company’s global leadership bench. Bock expressed enthusiasm for the role, emphasizing the importance of creating lasting benefits for employees, stakeholders, and communities where Barrick operates.

Bock joined Barrick in January 2019 as Senior Vice President and Chief Financial Officer for Africa and the Middle East. He was promoted to Chief Operating Officer for the region in July 2022. During his tenure, the region met or exceeded guidance every year. Key achievements under his leadership include the Lumwana expansion, the resolution of operational challenges in Mali, record throughput at Kibali, and growth in gold reserves at Loulo-Gounkoto and Bulyanhulu.

Operational Scope and Growth Targets

The Rest of World portfolio is central to Barrick’s production strategy, spanning multiple continents and commodity types. The segment’s performance is critical to the company’s overall output and future growth trajectory.

Leadership Transition Details

Sebastiaan Bock’s promotion reflects an internal succession plan leveraging deep institutional knowledge. His previous roles provided direct oversight of significant capital projects and operational turnarounds in complex geopolitical environments. The company noted that his experience in managing joint ventures and co-investments aligns with Barrick’s strategic focus on partnerships with Chinese partners to enhance technological adoption and supply chain agility.

Barrick shares trade on the New York Stock Exchange under the symbol 'B' and on the Toronto Stock Exchange under the symbol 'ABX'. The company operates in 17 countries across five continents and is the largest gold producer in the United States.

Barrick Mining Corporation delivered second-quarter adjusted earnings of 82 cents per share, surpassing the analyst estimate of 78 cents, while confirming its planned initial public offering of North American gold assets is "very close" to completion. Revenue reached $5.29 billion, exceeding the $4.53 billion consensus, driven by higher realized gold and copper prices. In a parallel development, Barrick finalized a $1.95 billion settlement with Newmont Corporation to resolve all outstanding disputes regarding their Nevada Gold Mines (NGM) joint venture, securing Newmont’s consent for the IPO.

The financial performance was bolstered by a 50% year-over-year increase in net earnings to $1.22 billion and a 28% rise in operating cash flow to $1.70 billion. Gold production climbed 11% from the first quarter to 796,000 ounces, outpacing the guidance range of 730,000 to 770,000 ounces. This production beat was attributed to an earlier-than-expected ramp-up at Loulo-Gounkoto, a faster recovery at Pueblo Viejo following maintenance, and record underground tonnes at Cortez as the Goldrush project ramps up.

Transaction Details

The resolution with Newmont involves a $1.95 billion cash top-up payment from Newmont to Barrick, scheduled within 30 days. This transaction integrates previously excluded properties into the NGM structure, creating a Nevada gold complex containing nearly 100 million ounces. Barrick contributes its Fourmile development, while Newmont adds its Fiberline and Mike developments. The agreement also modernizes the governance framework to improve decision-making efficiency.

Operational Costs and Guidance

Despite strong revenue, cost pressures emerged. Gold cost of sales rose to $1,993 per ounce from $1,654 a year earlier, while all-in sustaining costs increased 11% to $1,866 per ounce. Barrick cited lower grades at Carlin, Cortez, and North Mara, alongside higher fuel costs and royalties tied to stronger gold prices. Fuel costs remain elevated due to disruptions in oil flows from the U.S.-Israeli conflict with Iran.

For FY26, Barrick maintained its gold production guidance of 2.90 million to 3.25 million ounces. It expects gold cost of sales between $1,870 and $2,070 per ounce, assuming a gold price of $4,500 per ounce. Capital spending was lowered to $3.8 billion to $4.2 billion from $4.0 billion to $4.45 billion, primarily reflecting reduced plans at Reko Diq.

Strategic Implications

President and CEO Mark Hill stated that the new entity resulting from the IPO will operate as a pure-play gold producer with long-life assets in lower-risk jurisdictions. The removal of bilateral obstacles allows Barrick to proceed with unlocking value from its US-based operations independently. Total shareholder returns for the quarter reached $1.50 billion, up 242% from a year earlier, including $1.2 billion in share repurchases and a dividend of 17.5 cents per share payable Sept. 15.