Barrick names Sebastiaan Bock to lead international business before IPO
B•IPO plans advance after Newmont settlement
The appointment follows Barrick's resolution of a months-long dispute with Newmont over Nevada mining assets, which cleared the final hurdle for a planned initial public offering of its North American gold assets that the company expects to complete by year-end.
Under the settlement announced Monday, Newmont agreed to pay Barrick $1.95 billion in cash within 30 days and consented to the IPO.
Background on Bock and international strategy
The company said on its second-quarter earnings call that it was looking for a CEO to lead its operations outside North America.
Bock joined Barrick in 2019 as finance chief for Africa and the Middle East and became chief operating officer for the region in 2022, the company added.
Barrick said its international operations could benefit from closer ties with Chinese partners through joint investments, technology access and supply-chain support.
Barrick appoints Bock to lead Rest of World division
Barrick Mining said on Tuesday it had appointed Sebastiaan Bock as chief executive officer of its Rest of World division, placing him in charge of the miner's gold and copper operations and projects outside North America, effective immediately.
The appointment gives Barrick a leader for its international business as the company prepares to split its North American and overseas assets, a move aimed at sharpening management focus and reducing the valuation drag investors often apply to miners with exposure to higher-risk jurisdictions.
Portfolio spans Africa, the Middle East, Latin America and Asia Pacific
Bock will oversee a portfolio spanning Africa, the Middle East, Latin America and Asia Pacific that produces more than 2 million gold-equivalent ounces annually, the company said.
