The cuts come several days after reports revealed Barrick would be laying off 55 employees in the US. The gold producer also said goodbye to dozens of Australian workers at the beginning of June.

Barrick has been hit hard by falling gold prices, dropping to a 21-year low last week.

Meanwhile, gold shows no signs of recovery. The precious metal lost nearly a percentage point on its spot price on Monday.

Creative Commons image by: Peter Lovstrom.