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FT: Barrick Gold to cut layer of management

  • 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 (OTCPK:ABGLF, OTC:ABGLY) 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."

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