02/19/2015 10:48 EST | Updated 04/21/2015 05:59 EDT

Barrick Gold Unveils Plans For Leaner Company After $2.85-Billion US Loss

TORONTO - Barrick Gold Corp. chairman John Thornton promised a leaner and more focused company Thursday as he works to revive the fortunes of the troubled gold miner.

Thornton says the company wants to return to the core values that helped the company become the world's largest gold producer, including a disciplined focus on its best assets and lean decentralized operating model.

Barrick has struggled in recent years with weakness in the price of gold and problems developing its new mines.

The comments by the chairman came as Barrick says it lost US$2.85 billion or US$2.45 per share in its fourth quarter, compared with a loss of US$2.83 billion or US$2.61 per share in the same 2013 period when it had fewer shares.

The gold miner also says it plans to reduce its net debt by at least $3 billion this year and look to sell its Porgera joint venture in Papua New Guinea and Cowal mine in Australia.

The company's stock is down about 25 per cent from where it was at this time last year and worth less than half of what it was trading for at the beginning of 2013.

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