Hedge funds slash bullish wagers on gold over Trump election win
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Trump’s election victory last week.
Canadian miner Barrick Gold (TSX, NYSE:ABX) is reportedly cutting dozens of jobs at its Australian operations as the miner shuts down a local exploration unit and reduces the workforce at one of its mines, reports The West.
On Thursday, the world’s largest gold producer dismissed 22 employees at the Kanowna mine in central Western Australia, a spokeswoman told the newspaper.
She added Barrick also has plans to abandon its regional Greenfields exploration office in Perth, where it currently employs 35 people.
In late April the company put three Western Australian mines up for sale in order to alleviate some of its current $11.6 billion debt burden.
Around the same time, CEO Jamie Sokalsky announced spending reductions of a minimum $500 million and the potential sale of non-core assets at the company’s annual shareholders meeting.
Barrick’s stock has lost roughly 40% of its value since the beginning of 2013.
Last year the company fired its chief executive and kicked off a review of all of its operations.
