BUZZ-Barrick Gold Corp: Lowers debt

Thu Oct 29, 2015 11:00am EDT
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** World's biggest bullion producer's U.S.-listed shares up 5.4 pct at $8.11

** Toronto-listed shares up 5 pct at C$10.68

** Reports better-than-expected quarterly earnings and says it has reduced its debt to $11.2 bln from $12.8 bln at the end of June

** Toronto-based Barrick, which has the highest debt among gold miners, also gave an improved cost outlook for the year

** With several asset sales complete and additional divestitures expected to be announced this year, Barrick should achieve its $3 bln debt reduction target, Raymond James analyst Phil Russo writes

** Brokerage Mackie Research raises PT to C$14 from C$12

** Up to Wednesday's close, Toronto-listed stock had declined nearly 19 pct this year