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Barrick Gold Corp
Symbol ABX
Shares Issued 1,164,669,758
Close 2015-09-17 C$ 8.99
Market Cap C$ 10,470,381,124
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Globe says Barrick to close Salt Lake City office

2015-09-18 08:02 ET - In the News

The Globe and Mail reports in its Friday edition Barrick Gold is shutting a major U.S. office and dismantling its copper unit. The Globe's Rachelle Younglai writes closing its Salt Lake City office along with the unwinding of its copper business will help the world's biggest gold producer save $2-billion (U.S.) by the end of next year, the company said. In addition to selling several mines and non-core assets, Barrick recently lower its dividend again and sold chunks of its top-producing mines. The Salt Lake office, which employs about 110 staff, will close in November after supporting the miner's core Nevada operations for nearly two decades. It follows the shutdown of Barrick's Perth bureau and job cuts in its Santiago office. Barrick's stand-alone copper unit, which was established after the miner bought Equinox Minerals Ltd., will no longer be a distinct division within the company. The copper unit's managers and staff will be laid off and the overhead expenses associated with the separate business will be cut. Barrick has shed about 10,000 jobs since John Thornton became co-chairman in 2012. His changes indicate Barrick is shifting power from head office to the operations.

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