- Barrick Gold (ABX +0.5%) plans to cut regional managers and move oversight of operations to its head office, in a restructuring designed to make mines more accountable for controlling costs and increasing cash flow, FT reports.
- Gold miners around the world are cutting costs and rethinking expansion plans as falling gold prices this year have made many mines unprofitable; ABX already has cut one-third of head office staff, cut $2B from its capital budget for this year, sold mines in Australia and will look at further sales or closures as it focuses on its largest, lowest-cost mines.
- As ABX retrenches, talk of divesting its 74% stake in African Barrick (ABGLF.PK, ABGLY.PK) is coming up again; CEO Brad Gordon says the company could be independent in 12-18 months if ABX seeks a sale, but "they are not sellers at the current price."
FT: Barrick Gold to cut layer of management
Sep 23 2013, 14:24 ET