You are here
Barrick laying off 30% of corporate HQ staff
Barrick to Lay Off 100 at Toronto Head Office
By Rob Gillies
Monday, June 24, 2013
TORONTO -- The world's largest gold mining company has announced plans to eliminate 100 jobs at its corporate headquarters in Toronto.
Barrick Gold Corp. said Monday the reduction represents 30 percent of the head office. Barrick spokesman Andy Lloyd cited a challenging business environment. Falling gold prices, rising costs and a sagging stock price weighed down by its Pascua-Lama project have plagued the company. Since late 2011, the gold price has fallen by $600, over 30 percent.
Last month Chile's environmental regulator stopped construction and imposed sanctions on Barrick's $8.5 billion Pascua-Lama gold mine, citing "serious violations" of its environmental permit. Barrick has already spent $5 billion on the project, which straddles the Chile-Argentine border at 6,400 feet (5,000 meters) above sea level. Barrick had hoped to begin production in early 2014, and warned shareholders that it might abandon Pascua's Chilean side if construction delays keep the mine from opening this year.
... Dispatch continues below ...
Buy metals at GoldMoney and enjoy international storage
GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit:
The company announced last week it planned to reduce its work force by 55 positions in Nevada and Utah. The company has some 4,500 employees in Nevada -- which comprises the bulk of its North American operations -- and 140 employees in Salt Lake City. Barrick has 25,000 employees worldwide.
Lloyd said impacted employees will receive severance packages and access to career placement services. The reduction follows a thorough review of the company's organizational structure that was prompted by the change in business conditions.
Barrick CEO Jamie Sokalsky promised shareholders in April that Barrick was committed to be focus on producing returns for investors. Shares of Barrick and almost every major gold miner have hit new annual lows recently.
Barrick ousted former CEO and President Aaron Regent a year ago, citing its disappointing share price performance. The stuck has plummeted from over $40 to less than $16 since then.
Shares dropped 94 cents, or 5.6 percent, to $15.95 in Monday morning trading on the New York Stock Exchange.
* * *
Join GATA here:
Liberty Mastermind Symposium
Double Tree Hotel, Dallas-Fort Worth Airport
Friday-Saturday, June 28-29, 2013
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
How to profit in the new year with silver --
and which stocks to buy now
Future Money Trends is offering a special 16-page silver report with our forecast for 2013 that includes profiles of nine companies and technical analysis of their stock performance. Six of the companies have market capitalizations of less than $800 million and one company has a market cap of only $30 million. The most exciting of these companies will begin production in a few weeks and has a market cap of just $150 million.
Half of all proceeds from the sale of this report will be donated to the Gold Anti-Trust Action Committee to support its efforts exposing manipulation and fraud in the gold and silver markets.
To learn about this report, please visit: