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Barrick cuts over 50% of Toronto head office workforce ahead of Randgold merger

Barrick Gold Corp. is laying off nearly 95 employees, more than half of its workforce at the Toronto head office, ahead of the completion of its merger with Randgold Resources Ltd., Reuters reported Dec. 21, citing the Globe and Mail.

The move will affect the company's finance, capital allocation, communications and investor relations divisions.

Long-serving director Anthony Munk, son of Barrick founder Peter Munk, is also stepping down, the report added.

According to an earlier report by The Wall Street Journal, technology-based teams at the gold producer's Toronto office and Nevada operations were either downsized or disbanded. Incoming CEO Mark Bristow previously flagged noncore asset sales, as well as outlined plans for streamlining operations.

In September, Barrick agreed to an all-share merger with Randgold to form a gold producer with US$18.3 billion market capitalization. The deal is expected to close Jan. 1, 2019.