NEW YORK: In its second quarter results announcement Barrick Gold Corporation, the world’s largest gold miner in terms of output, cut its dividend by 60% and said it will embark on a program to sell more mines and make deeper cost cuts.
Shares in the Toronto-based company was up sharply amid a generally positive day for gold miners, but its market value is still down 45% over just the last three months. The company is worth some $8 billion in New York.
Barrick is forecast to produce between 6.1m – 6.4m ounces this year and while it’s had some problems of its own making it is obviously highly exposed to a fall in the gold price. It’s market cap today compares to $64 billion when gold peaked at $1,900 in 2011.
