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Barrick Gold Will Cut 80 Jobs, Take $30M ChargeAssociated Press
October 19, 2009
NEW YORK - Barrick Gold Corp. said Monday it will cut 80 employees, primarily in its Toronto offices, and will take a $30 million charge split between the third and fourth quarters.
The Toronto-based company said the job reductions will occur over the next six months. Annual pretax savings of at least $50 million are expected once the reductions are complete, the company said.
The cuts are part of an organizational review aimed at simplifying work practices and reducing costs, the company said.
U.S.-traded shares closed Monday at $38.98 after gaining 32 cents. In after-hours trading, the stock gained another 15 cents to $39.13.
http://www.forbes.com/feeds/ap/2009/10/20/business-materials-us-barrick-job-cuts_7020428.html
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