After the initial shock, and researching others' opinions, I don't think it is dumb - they are using it to pay down debt. This, plus Pascua Lama suspension, allows ABX to become cash flow positive. It is a good thing. They needed to restructure things in the face of lower gold prices to get back to cash flow positive.
Well, it's a bad thing that they had to do it. But...it's a good thing that they did it. These guys aren't stupid. ABX is still the biggest gold miner in the world with the largest reserves. In a way, they are a huge, huge bank with lots of deposits that are currently undervalued. Sell for a tax loss if you need it. Buy back after the wash rule is met. Or....if you have another awful gold play and your sitting on a loss...sell that and put the proceeds right back into ABX. Right now, ABX is the cheapest big, "It's going to survive", gold play out there.