cbc.ca (© Copyright: (C) Canadian Broadcasting Corporation, http://www.cbc.ca/aboutcbc/discover/termsofuse.html#Rss)
Updated: Thu, 01 Aug 2013 06:51:02 GMT | By The Canadian Press, cbc.ca

Barrick Gold reports $8.5B US loss

Barrick Gold reports $8.5B US loss

Barrick Gold Corp. is reporting a $8.56 billion US loss and lowering its quarterly dividend in the wake of lower prices for bullion and copper.

The Toronto-based company is recognizing an $8.7-billion US impairment in the second quarter, mainly due to lower metal prices.

As a result, Barrick will reduce its quarterly dividend to five cents US per share.

It has also moved to reduce operating costs through staff reductions and capital spending.

Barrick is one of the world's largest gold producers, so it has been badly affected by the major drop in the price of gold this year.

It has also been suffering from troubles in constructing a major new mine in South America, which faces delays for environmental reasons.

more video