By Ben Levisohn
Barron’s
These days, gold miners bear more than a little resemblance to Motley Crue circa 1994. The formerly popular band did everything it could to rekindle its pre-Nirvana fame, including firing its lead singer–and yet the fruits of those efforts–a self-titled album–bombed.
Gold miners are trying to reinvent themselves as well. They’re raising dividends, focusing on cash flow, and cutting costs. But just as a new singer couldn’t revive a down-and-out glam band’s fortunes, none of that changes the fact that gold miners are still gold miners.
Take Barrick Gold. Today the mining giant said it would lay off 100 people in its corporate headquarters, the Wall Street Journal reports.