Barrick true to its word, cuts more jobs

Barrick Gold has continued to cut jobs, retrenching another 32 jobs from its Perth head office yesterday.

The latest round of redundancies come as the company undertakes an operational review in the wake of a dropping gold price.

Gold hit a 3 year low on Wednesday to trade at $US1,229.6 an ounce, the lowest since August 2010.

Gold prices have been in steady decline in recent months as investors who bought the asset to hedge against high inflation and a weaker US dollar shed their holdings.

Earlier this week Barrick slashed 33 jobs from its Mid west Plutonic mine, 100 jobs from its corporate offices in Toronto, and 55 positions at its Nevada and Utah operations.

Earlier this month the world’s largest gold miner also laid off 22 workers from its Kanowna operation east of Kalgoorlie-Boulder, and notified 35 staff at its global greenfields exploration unit that their positions would be moved from Perth to Canada.

Barrick Gold has warned its Australian workforce to brace itself for extensive job losses over the coming months.

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