NEW YORK (TheStreet) -- Shares of Barrick Gold Corp. are higher by 2.70% to $12.56 in pre-market trading on Thursday, after the company announced its plan to sell two of its mines as part of an initiative that will help the gold producer reduce its net debt by $3 billion by the end of the year. Barrick said it is going to sell the Porgera mine in Papua New Guinea and the Cowal mine in Australia. The Toronto-based company will be cutting the size of its head office almost in half as it reduces the number of positions to 140 from 160 in 2015 in an attempt to lower its administration expenses. Exclusive Report: Jim Cramer's Best Stocks for 2015 Additionally, Barrick Gold reported its 2014 fourth quarter earnings results, which came in higher than analysts expected for the period. Adjusted earnings for the most recent quarter were 15 cents per share, while analysts had forecast for earnings of 13 cents per share. Revenue for the quarter was $2.51 billion versus the $2.48 billion analysts had predicted. Separately, TheStreet Ratings team rates BARRICK GOLD CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation: "We rate BARRICK GOLD CORP (ABX) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share." You can view the full analysis from the report here: ABX Ratings Report ABX data by YCharts
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