Barrick Gold swings to loss in third quarter on lower sales and

Oct 13, 2019 fofabvlic

first_imgTORONTO – Barrick Gold Corp. (TSX:ABX) says lower gold production and a hit on sales from its Tanzanian operations pushed the mining giant to a net loss in the third quarter.The Toronto-based miner says it had a net loss of US$11 million or a penny per share for the quarter, compared with net earnings of US$175 million or 15 cents per share a year earlier.Barrick says overall gold production came in at 1.24 million ounces, compared with 1.38 million for the third quarter last year.The company, which owns 64 per cent of Tanzania-focused Acacia Mining, is embroiled in a tax and refining dispute with the government there that it says affected its gold sales.Last week, Barrick said it had reached a resolution to the impasse that would include Acacia paying US$300 million to Tanzania and transferring to the government a 16 per cent interest in its three gold mines. The deal still needs to be approved by Acacia.Barrick says net earnings for the third quarter were impacted by a tax provision of US$172 million related to the proposed deal.last_img

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