Barrick Gold plans to slash 80 jobs, primarily at its Toronto headquarters, as part of an “organizational review” that will save the miner millions.
The company calls the internal organizational moves as ones that will change work practices and improve communication and coordination.
The jobs will be eliminated over the next six months. The corporate and pre-tax savings are expected to be at least $50 million.
The company said a team of senior executives undertook the review to “ensure clear alignment” on key priorities, put the appropriate resources in place and to clarify roles and responsibilities.
In an Oct. 18 statement, Barrick president-CEO Aaron Regent said the review was initiated to look for ways to better manage the company and “maximize the value of our asset base” for growth opportunities. He said the company expects to see “significant savings” and executive decision-making should be improved.
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