Barrick Keeps Eye on Debt With New $2 Billion Reduction Target
- Miner says goal in `medium term' is debt below $5 billion
- Company posts fourth-quarter earnings that exceed estimates
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Barrick Gold Corp. intends to keep debt in its crosshairs with a plan to cut at least $2 billion this year as the world’s largest producer of the metal seeks to shore up its balance sheet following three annual gold-price declines.
The miner reduced total debt by $3.1 billion last year to $10 billion through measures that included asset sales and cost cuts. In 2016, it may sell additional non-core assets and create new joint ventures and partnerships to help meet its new debt-reduction target, the Toronto-based company said Wednesday in a statement.