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 Gold Earnings Drop On Lower Metal Prices

By STEVE ROTHWELL

Barrick Gold's third-quarter earnings slumped as the price of gold and copper declined.

Net income was $172 million, or 17 cents per share, compared with $648 million, or 65 cents per share, in the same period last year.

Adjusted earnings for the July to September period were $577 million, or 58 cents a share, compared with $880 million, or 88 cents a share in the same period a year ago.

The company's revenues fell to $3 billion from $3.4 billion a year ago.

Barrick cited tax costs. The miner also said that it had suspended construction work on its Pascua-Lama mine, located on the border of Chile and Argentina. The project may resume if the outlook for metal prices improves, Barrick said. Suspending work on the project will cut Barrick's capital spending by $1 billion next year.

That sent shares down more than 2 percent to $41.40 in premarket 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 This material may not be published, broadcast, rewritten or redistributed.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 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs