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Barrick Gold Corp. (ABX) has completed an internal organization review and intends to reduce its workforce by about 80 positions, mostly in Toronto.
It didn't say what percentage of its workforce is represented by the reduction.
The Toronto gold producer said the reductions will be phased out over the next six months and the company will record a non-recurring charge of about $30 million, to be split between the third and fourth quarters.
Barrick expects to record corporate and regional pre-tax savings of at least $50 million on an annualized basis once fully implemented.
Friday, Barrick announced the completion of an offering of $1.25 billion in debt securities, the net proceeds of which will be used to further reduce the liability related to Barrick's floating spot-price gold contracts.
Monday in New York, Barrick closed at $39.98, up 0.8%.
-By Tara Zachariah, Dow Jones Newswires; 416-306-2100; tara.zachariah@dowjones.com
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(END) Dow Jones Newswires
10-19-09 1747ET
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