Barrick Gold to sell assets, reduce head-office management: WSJ

Dump trucks carrying minerals operate at Barrick Gold Corp's Veladero gold mine in San Juan province, Argentina April 26, 2017. REUTERS/Marcos Brindicci

Barrick Gold Corp. will sell a research and development company it owns and reduce its technology staff, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

The gold miner expects to close its Randgold Resources Ltd. purchase Jan. 1, and incoming CEO Mark Bristow has said he plans to sell a variety of noncore core assets, cut costs and shrink head-office management to help delegate more authority to regional mining operations, according to the WSJ report.

In recent months, Barrick has disbanded or shrunk technology based teams at its head office in Toronto and at its mining operations in Nevada, the report said.

One of the first assets to go on the block is Barrick-owned AuTec Innovative Extractive Solutions Ltd, which specializes in testing mineral samples and processing, people familiar with the matter told WSJ.

Sham Chotai, Barrick’s chief digital officer, left last month, the report said.

Barrick declined to comment when contacted by Reuters.

Reuters.com