Barrick Closing Copper Division

Barrick Gold

CBJ – Barrick Gold is closing its office in Salt Lake City, Utah as the company continues to react to a prolonged slump in gold prices and an effort to cut overhead costs.  About 110 people are employed at the office in Utah.

The closing of the office along with the movement away from copper mining is expected to help the world’s largest gold producer to save about $2 billion by the end of 2016.

Barrick had been patient in hoping for a turnaround, but after four years of declining gold prices, a corporate decision was made to take a step back.

Barrick also recently reduced its dividend again and sold a stake in its most lucrative copper mine in Chile as well as part of one of its most profitable gold mines, in the Dominican Republic.

@CanBizJournal

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