The Financial Post reports in its Tuesday edition Barrick Gold's production fell to 6.25 million ounces in 2014 from 7.4 million in 2013. The Post's Peter Koven, writing in Trading Desk, says now another production cliff is looming as Barrick sheds non-core mines to improve returns and lower its debt load. Barrick thinks it can keep production above six million ounces a year through 2017, and J.P. Morgan analyst John Bridges agrees. After that, however, Mr. Bridges expects production to plummet to around 4.5 million ounces by 2020, and fall even lower a few years later. "It's become apparent recently that the upper limit of sustainable gold production is around the [three to four million ounce] level assuming [Barrick] is skilled at acquiring new projects in a way that makes them accretive," Mr. Bridges said in a note. "As gold sales decline, the margins on each ounce have to increase to carry the financing costs." Debt reduction also becomes increasingly critical since there will be fewer ounces around to support the debt load. Barrick expects to cut its net debt by at least $3-billion (U.S.) this year. Mr. Bridges has a neutral rating on the stock and a price target of $13 (U.S.) a share.