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Tuesday, August 26, 2014

Barrick scraps corporate development team, more cuts coming -sources, (NYSE: ABX), (TSE: ABX.TO)

Barrick Gold Corp is eliminating its corporate development team and more cuts are in the works as the world's top gold miner looks to reduce costs, three sources familiar with the situation said on Tuesday. The sources, who asked not to be named as they were not authorized to discuss the matter publicly, said Rick McCreary, the development team's head, is leaving the company this week.The corporate development team's main role was to identify and evaluate assets worth buying. McCreary, a former investment banker with CIBC, has led the team within Barrick since 2011.A spokesman for Barrick failed to comment on whether the company was doing a wider round of cuts, which the sources said would be announced in the coming weeks. He confirmed, however, that the corporate development team was being restructured with some staff moving into other groups."The change reflects our focus on achieving operational excellence across the company, with an emphasis on optimizing our existing portfolio and further improving efficiency across our operations," said Andy Lloyd a spokesman for Barrick Gold.

Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. Shares of ABX traded higher by 1.33% or $0.24/share to $18.25. In the past year, the shares have traded as low as $15.26 and as high as $21.45. On average, 9092700 shares of ABX exchange hands on a given day and today's volume is recorded at 6403965.

Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. Shares of ABX traded higher by 1.01% or $0.2/share to $19.95. In the past year, the shares have traded as low as $16.32 and as high as $23.78. On average, 2266500 shares of ABX.TO exchange hands on a given day and today's volume is recorded at 1183270.



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