15:35:13 EDT Fri 26 Apr 2024
Enter Symbol
or Name
USA
CA



Barrick Gold Corp
Symbol ABX
Shares Issued 1,164,669,608
Close 2015-01-15 C$ 13.62
Market Cap C$ 15,862,800,061
Recent Sedar Documents

Globe says more layoffs, firings loom at Barrick

2015-01-16 08:58 ET - In the News

The Globe and Mail reports in its Friday edition Barrick Gold is further reorganizing its operations, moving two dozen tech jobs to Nevada and getting ready to lay off more staff. The Globe's Rachelle Younglai writes Barrick has already axed 100 employees at its head office in Toronto since 2012. The latest round of job losses will come as Barrick follows through on a plan to trim expenses and make its regions more accountable. Barrick's head office is a fraction of the size it used to be during the gold boom. About 250 are employed in Toronto. Its management has been overhauled since John Thornton became chairman last April and the group in charge of looking for new mines has been dismantled. Barrick is also in the process of moving IT jobs to Nevada and recently opened an office in Las Vegas. The move increases Barrick's presence in Nevada, while reducing head count in Canada. Barrick's founder Peter Munk's vision was to establish a large miner in Canada, where so many of the big miners have been taken over by foreigners. It is unlikely the job cuts will make a significant dent in Barrick's $13-billion (U.S.) debt load. Barrick plans to trim its net debt by $3-billion (U.S.).

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