(Sky News) – The world’s top gold mining company, Toronto-based Barrick Gold, lay off 65 jobs in Western Australia on the recent gold price slump.
Barrick cut 32 positions in Perth office and 33 jobs in its Plutonic mine, located in the mid west of Western Australia, according to Sky News. Perth office is no longer needed for the Canadian company due to higher costs and lower gold price. Barrick’s Plutonic mine is an aging one, according to Barrick.
The head office employees in Perth were advised of these cuts on Wednesday, and the Plutonic operation staff and administration were advised the day before. Barrick employs 270 at its Perth office.
The largest gold mining company saw it was a necessity to maintain a sustainable business in the current market environment. The current economic conditions, the increasing operating costs and weakening gold price forced the company to lay off 24% of its labor in Perth, Barrick said. Gold price fell to its lowest in two years more than 30% of its value.
Another job cut announcements are expected in Australian operations. The company has five operations in Western Australia and another one in Papua New Guinea.
An unofficial statement to Reuters earlier this week, indicates the gold company’s intention to lay off third of its labor in Toronto’s headquarter. Barrick stated its intention to slash 100 jobs in Toronto’s office and 65 in the United States on Monday.