Barrick to axe 30% of Toronto head office staff
Barrick Gold Corporation will lay off as much as a third of its corporate staff at the company's Toronto headquarters and other offices around the world.
"As part of ongoing efforts to streamline the organization and manage costs in a challenging business environment, Barrick is eliminating approximately 100 corporate office positions," a spokesman for the company told CBC News Monday. "100 positions represents up to 30 per cent of the corporate office. The majority of the impacted positions are in Toronto."
Globally, the company employs more than 25,000 people in the field.
Impacted employees will receive severance packages and access to career placement services, the spokesman said.
The layoffs are a part of the world's largest gold miner's plan to deal with slumping bullion prices, which slipped to below $1,300 an ounce for the first time since September 2010 last week.
Barrick shares dipped more than three per cent to $17.10 on the TSX.