Barrick Gold Corp will lay off up to a third of its corporate staff at its headquarters in Toronto and other offices, sources said, as the world’s top bullion producer intensifies a downsizing plan amid a slump in the price of gold.
Barrick and miners such as Newmont Mining and Newcrest Mining are shaking up operations and taking measures like shutting down development projects, slashing exploration spending and cutting jobs due to the sliding gold price.
The cuts were announced by Barrick’s Chief Executive Jamie Sokalsky at a town hall meeting with staff in Toronto last week, said the sources, who asked not to be named as they are not officially authorized to speak about the matter.
One source said this is the first ever round of across-the- board layoffs for the company at its corporate headquarters in Toronto. Besides the falling gold price, it is also facing operational and regulatory issues at some of its mines and projects.
Barrick has over 400 people working as corporate staff with the vast majority of those located in Toronto, said the sources.
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