Global gold major Barrick Mining on Thursday announced the appointment of Mark Hill as president and CEO, while elevating him to the board as nonexecutive director, as the miner moved ahead with plans for a potential initial public offering (IPO) of its North American assets.

The company also announced the appointment of former McKinsey senior partner Robert Samek to its board of directors, where he will serve on the audit and risk, and compensation, committees.

Samek will serve on the audit and risk, and compensation, committees. 

Welcoming Samek to the board, Barrick chairperson John Thornton said his experience would support the company’s strategic direction.

“[Samek] brings exceptional industry knowledge and insights from his distinguished career as a senior adviser to some of the natural resource industry’s biggest companies. His insights and global perspective will be invaluable in helping drive Barrick’s strategy.”

Commenting on Hill's appointment, Thornton said his deep operational knowledge and sector expertise would be invaluable to the board as Barrick set out on the next stage of development.

“Mark brings the rigour and operational discipline to fully capitalise on Barrick’s world-class assets and capabilities, and to drive improved performance, growth and shareholder value," he said.

Barrick said Hill’s expanded role reflected the strong operational and financial performance delivered under his leadership and would support preparations for the potential listing of its North American business.

Last year, Barrick announced a restructuring of operations to separate its North America business from its operations in the rest of the world, following former CEO Mark Bristow's departure.

FINANCIAL RESULTS
Separately, Barrick released record financial results for 2025, marked by strong cash flow, higher shareholder returns and improved earnings.

In the fourth quarter, the company produced 871 000 oz of gold and 62 000 t of copper, generating revenue of $6-billion. Operating cash flow reached $2.73-billion, while free cash flow totalled $1.62-billion.

For the full year, Barrick reported revenue of $16.96-billion, operating cash flow of $7.69-billion and free cash flow of $3.87-billion, representing increases of 31%, 71% and 194%, respectively, over 2024.

Net earnings for 2025 rose to $4.99-billion, or $2.93 a share, while adjusted net earnings reached $4.14-billion, or $2.42 a share.

Gold production totalled 3.26-million ounces and copper output 220 000 t, in line with guidance.

For 2026, Barrick has guided for gold production of between 2.90-million and 3.25-million ounces and copper output of between 190 000 t and 220 000 t.

The company also introduced a new dividend framework targeting total payouts of 50% of attributable free cash flow and increased its base quarterly dividend by 40% to $0.175 a share. A $0.42-a-share dividend was declared for the fourth quarter, alongside share buybacks of $1.50-billion for the year.

Barrick said strong operating performance and proceeds of $2.6-billion from noncore asset sales lifted its year-end cash balance to $6.71-billion, despite record shareholder distributions and continued investment in growth projects.