Barrick Gold Corp will lay off about 30 per cent of corporate staff at its headquarters in Toronto and in other offices in a downsizing plan triggered by problems at major mines and a drop in the price of gold.
Barrick and rival gold miners such as Newmont Mining and Newcrest Mining are shaking up operations, halting projects, slashing exploration spending and cutting jobs as the industry struggles with high costs and weak metal prices.
Barrick, the world’s largest gold producer, confirmed on Monday a Reuters report that the layoffs were coming and said the cuts were part of an effort to “streamline the organisation and manage costs in a challenging business environment”.
Barrick said it is eliminating about 100 office positions, most of them at its home base in Toronto. The company will also cut jobs at a number of its regional offices as part of a company-wide effort.
Chief Executive Jamie Sokalsky announced the cuts at a town hall meeting with staff in Toronto last week, sources familiar with the situation told Reuters on Sunday.
The sources, who asked not to be named as they were not authorised to speak about the matter, said the cuts in Toronto were to begin on Monday and will be completed before the end of the week. Cuts in Vancouver and other offices could drag into July.
Barrick has about 400 corporate staff, about 300 of them in Toronto.