Investors appear to be shrugging off news that
Barrick Gold Corp. (
TSX: T.ABX,
Stock Forum) is poised to disband its corporate development team amid ongoing efforts to reduce costs.
Shares of the world’s leading gold miner rose 0.23% to $19.70, leaving a market cap of $23 billion, based on 1.2 billion shares outstanding. The 52-week range is $23.78 and $16.32.
Published reports by Reuters and others say a new group, called business development , will be created following the elimination of the corporate development team, which dealt mainly with identifying and evaluating assets to purchase.
“The change reflects our focus on achieving operational excellence across the company, with an emphasis on optimizing our existing portfolio and further improving efficiency across our operations,’’ said Barrick spokesman Andy Lloyd.