Barrick to lay off 100 at Toronto head office
TORONTO (AP) -- 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 as sagging stock price have plagued the company. Since late 2011, the gold price has fallen by $600 -- over 30 percent.
The company announced last week it planned to reduce its workforce by 55 positions in Nevada and Utah. The company has 25,000 employees worldwide.
Lloyd says 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.