Tuesday, June 25, 2013

Barrick Gold to Lay Off 30% of Corporate Employees

Jun 24, 2013 Rob Gillies, The Associated Press

TORONTO – The world’s largest gold mining company has announced plans to eliminate 100 jobs at its corporate headquarters in Toronto.

Barrick Gold Corp. said Monday the reduction represents 30 per cent of the head office. Barrick spokesman Andy Lloyd cited a challenging business environment. Falling gold prices, rising costs and as sagging stock price have plagued the company. Since late 2011, the gold price has fallen by $600 — over 30 per cent.
Supply and demand fundamentals are starting to show.   BK