Barrick launches cost saving review; will cut 80 jobs

The group added it will take a $30m one time charge to its earnings

TORONTO (Reuters) - 

Barrick Gold Corp (ABX.TO: Quote), the world's top gold miner, said on Monday it will cut about 80 jobs as part of a cost-saving organizational review, and take a $30 million one-time charge to earnings.

The company said it undertook the review to realign its priorities and remove areas of overlap. The cuts will be primarily at Barrick's head office in Toronto.

Barrick said it will save at least $50 million before taxes annually once the changes are fully implemented, which it expects to take about six months.

Barrick's chief executive is Aaron Regent, who took over the top job earlier this year.

The company said the $30 million charge will be split between the third and fourth quarters of this year. (Reporting by Cameron French; editing by Rob Wilson)

© Thomson Reuters 2009 All rights reserved

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