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Updated: Thu, 01 Aug 2013 07:36:41 GMT | By The Canadian Press, cbc.ca

Barrick Gold reports $8.5B US loss on falling metal prices

Barrick Gold reports $8.5B US loss on falling metal prices

Toronto-based Barrick Gold Corp. is reporting an $8.56-billion US loss and lowering its quarterly dividend in the wake of lower prices for bullion and copper — and says it will look to reduce operating costs through staff reductions and capital spending.

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

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

Barrick is one of the world's largest gold producers, so 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.

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