Barrick May Continue Selling Assets, Says Sokalsky

Bloomberg reported yesterday that according to Jamie Sokalsky, CEO of Barrick Gold Corp. (TSX:ABX,NYSE:ABX), his company may continue to sell assets in order to improve its profitability.

Sokalsky also said that Barrick isn’t considering hedging gold at the moment.

As quoted in the market news:

‘We’re going to look at the whole portfolio, but there are a few assets that I think ultimately are probably better in someone else’s hands,’ Sokalsky said yesterday in an interview in Toronto, where the company is based.

Barrick, which last month forecast its 2014 gold output would be the lowest in nine years, sold about $1 billion of assets in the past eight months, suspended construction of its delayed and overbudget Pascua-Lama project and started closing its Pierina mine in Peru. More changes are being considered to improve returns, Sokalsky said.

Click here to read the full Bloomberg report.