This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Barrick Posts $3.1B 4Q Loss On Copper Mine Charges

NEW YORK (AP) â¿¿ Barrick Gold Corp. on Thursday posted a $3.06 billion fourth-quarter loss. Earnings were pulled down by a hefty charge related to its copper business, but adjusted profit beat Wall Street predictions.

The Canadian mining company also said it doesn't have plans for any new mines, citing the current "challenging environment." In addition it won't go forward with an expansion project at its Lumwana copper mine, pointing to impairment charges and higher-than-expected costs.

Barrick shares rose 5 percent in morning trading.

The fourth-quarter loss amounted to $3.06 per share and compared with a profit of $959 million, or 96 cents per share, in the same quarter a year ago. Excluding $4.2 billion in impairment charges mainly related to the copper business, the company earned $1.11 per share.

Revenue rose 11 percent to $4.19 billion.

Analysts, on average, expected profit of $1.06 per share on $3.84 billion in revenue, according to FactSet.

Barrick said the recent quarter's profit was hurt by higher gold and copper costs, along with lower prices for the copper it sold. Those factors were partially offset by higher gold prices and higher gold and copper sales volumes, along with lower income tax expenses, the company said.

For the full year 2012, Barrick posted a loss of $665 million, or 66 cents per share, compared with a profit of $4.48 billion, or $4.48 per share, in 2011. Revenue increased to $14.55 billion from $14.24 billion.

The company expects 2013 gold production between 7 million and 7.4 million ounces, down from 7.42 million ounces in 2012. Copper production is expected to total between 480 million and 540 million pounds, up from 468 million in 2012.

Barrick shares rose $1.56, or 4.9 percent, to $33.15 in morning trading.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs