- Plan follows Sept. offer to buy back $750 million in debt
- Toronto-based company has been cutting costs, selling assets
Barrick Gold Corp., the world’s largest producer of the metal, is making another offer to buy back some of its outstanding debt.
The company will purchase as much as $1.15 billion in notes, Toronto-based Barrick said in a statement on Tuesday. The plan follows a September offer to buy as much as $750 million in debt.
Faced with gold prices trading near the lowest in five years, the company has been reducing costs and selling assets in an effort to rein in its debt. In November, the company said it agreed to sell some of its Nevada Mines to Kinross Gold Corp. and private equity firm Waterton Global Resource Management for $720 million as part of a plan to reduce its debt by $3 billion. Barrick’s president, Kelvin Dushnisky, has said the company will continue to focus on reducing its operating costs in 2016 with the goal of growing free cash flow.