December 21, 2018 / 9:43 PM / a month ago

Barrick Gold cuts jobs, director Munk to step down - Globe and Mail

Dec 21 (Reuters) - Barrick Gold Corp has laid off more than half of its staff at the company's Toronto head office, while its long serving director Anthony Munk is stepping down, the Globe and Mail reported (tgam.ca/2EEvnvZ on Friday.

Munk, who is Barrick Gold founder Peter Munk's son, has tendered his resignation, the report said.

The laying off of nearly 95 employees comes as the Toronto-based company expects to complete its purchase of Randgold Resources Ltd on Jan. 1, and incoming CEO Mark Bristow has outlined plans for assets sale and streamlining operations, among others.

The head-office layoffs will affect the company's finance, capital allocation, communications and investor relations divisions, the Canadian newspaper said.

Barrick was not immediately available for comment.

In recent months, Barrick has disbanded or shrunk technology based teams at its Toronto head office as well as at its mining operations in Nevada, the Wall Street Journal said earlier this month.

Barrick in September agreed to buy Randgold in an all-stock deal valuing the Africa-focused miner at $6.5 billion. (Reporting by John Benny in Bengaluru)

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