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.
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