Barrick Gold Corporation began an offer to buy back as much as $750 million in bonds as the world’s largest producer of the metal works on shoring up its balance sheet following three annual gold-price declines.
The offer for bonds due 2018 to 2026, which is Barrick’s third debt tender in the last six months, was announced in a statement on Monday. Separately, the Toronto-based miner said it expects to maintain annual production of at least 4.5 million ounces through 2020 based on results of a study into projects.
Barrick is looking to cut at least $2 billion of debt this year after reducing total debt by $3.1 billion to $10 billion last year 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 on Wednesday in a statement.