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Jul 25, 2018

Barrick Gold reports $94M net loss on lower gold sales, adjustments

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TORONTO - Barrick Gold Corp. (ABX.TO) says it swung to a net loss of US$94 million in the quarter ending June 30 as lower gold sales hit earnings.

The net loss, which compared to net earnings of US$1.14 billion for the same quarter last year, worked out to a loss of eight cents per share.

On an adjusted basis, the company says it earned US$81 million, or seven cents per share, compared to US$261 million or 22 cents per share last year.

Adjustment items included foreign currency losses mainly from a significant weakening of the Argentinean peso, impairment charges from projects in Tanzania, and costs related to staff reductions and office closures from its decentralized operating plan.

The company maintained its full-year production guidance of 4.5 to 5 million ounces, setting it up to potentially lose its status as the world's largest gold producer as Newmont Mining Corp. has forecast production of between 4.9 and 5.4 million ounces this year.

Revenue came in at US$1.72 billion for the second quarter, down from the US$2.16 billion it pulled in for the same quarter last year.