Illustrative image: Natascha Viljoen has taken over at Newmont. (Photo: Dwayne Senior / Bloomberg via Getty Images) | SA mining cowboy Mark Bristow has bowed out from Barrick. (Photo: Matthew Staver / Bloomberg via Getty Images) 
The world’s top two gold mining companies had major shake-ups at the top on Monday, both involving highly rated South African executives who offer striking contrasts in style.
First came the news that Mark Bristow, the swashbuckling South African mining executive who founded Randgold Resources and went on to become CEO of Barrick Mining, had unexpectedly stepped down as CEO of the Canadian mining giant, which is the world’s No 2 gold producer.
Then came the announcement that Natascha Viljoen, the former CEO of Anglo American Platinum who hails from the North West town of Klerksdorp, would step into the role of CEO at the US-based Newmont Corporation, the world’s No 1 producer of the precious metal.
The changes in the C-suites come against the backdrop of gold’s scorching record bull run, and the share prices of both companies — up by about 120% in the year to date — reflect that.
Newmont’s shakeup comes across as far more orderly. Viljoen was head-hunted by Newmont to be its COO in what was clearly a thoughtful succession plan to replace Tom Palmer, who will step down as CEO on 31 December.
“Palmer will serve as strategic adviser until his retirement on 31 March 2026 to support a seamless leadership transition,” said Newmont in its announcement.
Surprise departure
Bristow’s departure, by contrast, came out of the blue. Aged 66, he had previously signalled his intention to stay on until 2028. Mark Hill, chief of Barrick’s Latam and Pacific regions, has been appointed as an interim COO, president and CEO.
When someone is appointed as an “interim CEO”, it is usually a sign that the CEO stepped down in a hurry.
In its brief announcement, Barrick provided no reason for Bristow’s exit. But it comes against the backdrop of mounting headaches in Mali, where Barrick is embroiled in a nasty tax dispute with the government that saw four of its employees arrested.
The blunt-talking Bristow, who has made scathing remarks about policy changes by African governments, had refused to sign up to Mali’s new mining code.
A larger-than-life personality known for his penchant for motorbikes and big-game hunting, Bristow — the holder of a PhD in geology from the University of Natal — tracked down rich gold deposits in West Africa.
Exploration runs in his veins, and Bristow founded Randgold Resources in 1995 with a mission to strike it rich in the gold veins of West Africa. He also took long motorbike safaris in Africa to raise money for charities.
Seven years ago, Randgold merged with Barrick, and Bristow became CEO of a far larger company listed in Toronto — one of many South African mining executives who have made the trek to top positions outside the country.
Calculated approach
Viljoen is among those, and she has now achieved her goal of running a top global mining company.
Growing up in a mining family, she used to accompany her father, a winding engineer, to work.
The first woman to head Newmont in its 114-year history, Viljoen is a metallurgical engineer by training and is known for her embrace and firm grasp of technology and calculated approach to business.
She has been outspoken about the challenges that women face in mining. In 2022, at an industry conference, she spoke movingly of how a female employee told her that she preferred one-piece overalls to the more comfortable two-piece option because it would be more difficult to remove if a male colleague tried to sexually assault her.
Viljoen has also drawn attention to mining’s image problem, pointing out that the Red Cross three years ago refused a donation from Anglo American on the grounds that it was a mining company.
“The reality is that they can’t accept money from us because it goes against their values. That is the reality of the perception out there around mining,” she said.
Read more: Mining’s image is so toxic the Red Cross won’t take its money
“That is not where we need to be. The question is, how do we change that? In my view, there are two things. I don’t think that society understands the role that mining plays, and I don’t think that there is an appreciation that, if it’s not grown, it’s mined and that none of our societal realities around us would have been possible without mining,” said Viljoen.
Both executives are known for inspiring loyalty in their staff. And now Viljoen, an eloquent spokesperson for the industry from South Africa, has ascended to one of its peaks, while the Bristow, the brash boy from KZN who roared around Africa astride a motorbike, is bowing out. DM