Barrick Gold closing mines to curb output as price drops


By Liezel Hill
Bloomberg News
Friday, August 2, 2013

Barrick Gold Corp. plans to either sell, close, or curb production at 12 of 27 mines as the world's largest gold producer tries to bolster profitability after reporting the industry's biggest write-off.

Barrick wrote down $8.7 billion of the value of global assets, slashed its dividend by 75 percent and cut 30 percent of corporate-office staff, the Toronto-based miner said yesterday in its second-quarter earnings statement.

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