How Will Barrick Mining’s New CFO Lead Sustainable Growth?

Barrick Mining Corporation, one of the world’s largest mining companies, has appointed Helen Cai as Senior Executive Vice President and Chief Financial Officer (CFO). 

Helen will be in charge of leading the mining firm’s strategic efforts at a time when it is focused on driving performance and more sustainable value for key shareholders.

Barrick focuses on global mining, exploration and development and has one of the largest portfolios of world-class and long-life gold and copper assets in the industry. 

Its operations and projects span 17 countries across five continents. 

Helen takes the role at a time when Barrick showed strong financial performance in its Q3 2025 financial results. 

The company reported revenues up 23% to US$4.1bn, alongside record operating cash flow of US$2.4bn and free cash flow of US$1.5bn. 

It delivered net earnings of US$1.3bn (US$0.76 per share) and adjusted net earnings of US$982m (US$0.58 per share) for the quarter. These results were supported by higher realised gold prices, increased gold sales and lower costs, while returning capital to shareholders through dividends and buybacks.

Focusing on performance and value

Across its portfolio, Barrick focuses on operations that create real, long-term value for stakeholders through responsible mining, strong partnerships and a disciplined, measured approach to growth. 

The business delivers on this ambition through a values-led strategy centred around partnerships and collaborating with local communities, accountability and agile decision making and building a sustainable legacy. 

Specifically on sustainability, Barrick focuses on integrating environmental, social and governance principles as part of its core business.

The company prioritises socio-economic development of host communities, workplace safety, respect for human rights and minimising environmental impact, with policies and reporting aligned to global frameworks such as the United Nations Sustainable Development Goals (SDGs) and industry best practice standards.

Mark Hill, Group Chief Operating Officer and Interim President and Chief Executive, says Helen will support these ambitions in her new role.

“I would like to welcome Helen to the executive team as CFO,” he says. “Helen’s deep financial expertise and decades of mining sector experience will be invaluable as we focus on driving improved performance and shareholder value.

“On behalf of everyone at Barrick, I would like to express our sincere thanks to Graham for his leadership and the significant contribution he has made to the Company over the past seven years. We wish him well for the future.”

Leading at a pivotal moment

Helen will take on the role of CFO on 1 March 2026, following the departure of current CFO Graham Shuttleworth. The pair will work together to ensure a smooth transition period for the business. 

She says: “I am excited to be taking on this new executive role at such a pivotal time in Barrick’s history. 

“I look forward to partnering with Mark and the leadership team to deliver our strategy and drive sustainable value for our shareholders.”

Helen has been a member of the Barrick board since November 2021 and has more than 20 years’ experience spanning equity research, corporate finance, strategic planning, capital markets and mergers and acquisitions. 

Her career includes senior roles covering the mining, industrial and technology sectors, primarily at Goldman Sachs and China International Capital Corporation. 

She is widely recognised as a leading research analyst by StarMine, Institutional Investor and Asiamoney, while transactions she advised on have received deal awards from Asiamoney and The Asset.

Delivering strong, measured growth

Barrick will report its full year and fourth quarter 2025 results on 2 February 2026. 

The company’s last annual report, published 31 December 2024, set out a forward-looking strategy to 2030 centred on disciplined growth, portfolio quality and long-term value creation. 

In the report, the company outlined plans to strengthen its position as a leading gold producer while significantly expanding its copper footprint, reflecting rising global demand linked to electrification and energy transition.

Key to this approach is the advancement of major growth projects, including the Lumwana Super Pit expansion in Zambia and the Reko Diq project in Pakistan, both of which are expected to play a central role in future production and cash flow. 

Barrick has positioned copper as a strategic priority alongside gold, aiming to diversify revenues and enhance resilience across commodity cycles.

Discussing financial results over the reported period, Graham wrote at the time of the publication: “Barrick had an exceptional year in 2024 by most financial measures, increasing net earnings by 69% - the highest in a decade - increasing operating cash flow by 20% and doubling free cash flow relative to 2023.”