When a deep commodity downturn started in 2011, Barrick Gold Corporation ( B -2.52% ) and most of its peers were still living in the glow of the upturn. As gold prices started falling, however, it became clear that Barrick couldn't support all its expansion plans and the weight of its hefty debt load. Since then, it has easily done more than its peers to fix its debt overhang. But investors need to be aware of more than just debt reduction when looking at Barrick.