Shares of Barrick Gold (ABX) were declining by 10.24% to $17.09 on Tuesday morning, after the gold miner reported 2017 first quarter earnings results that fell short of expectations, and cut its full year production guidance for its Argentina mine.
Barrick Gold posted adjusted earnings of 14 cents per share on revenue of $1.99 billion. Analysts had forecast earnings of 20 cents per share on revenue of $2.14 billion.
The company lowered its forecast for output and increased costs at its Veladero Argentina gold mine due to a recent cyanide solution spill, the third spill in 18 months.
Barrick is expecting 2017 production at Veladero to be between 630,000 and 730,000 ounces of gold. That is lower than its previous forecast 770,000 to 830,000 ounces.
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