TORONTO - Barrick Gold Corp. (ABX.TO) has reported a net loss of US$412 million for the third quarter, well below the US$99 million in net income expected by analysts, after taking a US$405 million impairment charge at a Peruvian mine.
The Toronto-based company took the writedown at Lagunas Norte after results from a study on a type of ore treatment led it to shelving the treatment option.
Adjusted net earnings for the quarter ending Sept. 30, however, amounted to US$89 million or eight cents per share, above the US$62.7 million or five cents per share expected by analysts, according to Thomson Reuters Eikon.
The company reported a net loss of US$11 million for the third quarter last year, and an adjusted net income of US$200 million.
Third quarter revenue totalled US$1.84 billion, in line with analyst expectations, but down from the US$2 billion it pulled in for the same quarter last year.
In September, the company announced a proposed C$7.9-billion takeover of Randgold Resources that would firmly return its status as the world's largest gold mining company.
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