Barrick scraps corporate development team: report

Barrick Gold (NYSE:ABX) is disbanding its corporate development team and further cuts may be coming as the company works to reduce costs, according to a report by Reuters.

Former investment banker Rick McCreary, head of the development team since 2011, is leaving the Toronto-based company this week, a Barrick spokesman was quoted by the news agency as saying.

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’s Andy Lloyd.

Most members of the team being dissolved will exit the company, while some will become part of the new business development group, according to the Financial Post.

Both reports said the spokesman declined to discuss whether the world’s top gold miner in terms of production is conducting another series of cuts that other sources said would be announced in the coming weeks.