Barrick's market value is down 50% over the last three months and is now worth some $8 billion in New York. That compares to a $64 billion capitalization when gold was at $1,900 in 2011.

Barrick cuts its gold production forecast to between 6.1m – 6.4m ounces as it disposes of assets including 50% of its Zaldivar copper mine in Chile for $1 billion, the Cowal mine in Australia for $550 million in cash and $298 million for its Porgera mine to tackle its crippling debt-load of more than $13 billion.