Reduction in capital spending falls straight to bottom line, and non-cash charge is just a formality, a bookkeeping entry.
Barrick needs bigger cap spending cut, though, by roughly another $1B a year. Then this stock will hit $30 in no time.
Reduction in capital spending means the company will have more cash, which can be used for other purposes such as debt reduction. It does not increase net income as capital assets such as buildings, machinery, and mine development costs are not expenses.
Having extra time to clear the overburden should help ensure that it is done with minimal dust reaching the glacier, so that will also be a plus to the regulators. The bad part is it gives Jorge and all his alias's voodoo3, etc, some 20 months longer to post their stream of nuisance messages.