Barrick Gold cuts dividend after US$8.6-billion loss due to falling metal prices | iNFOnews | Thompson-Okanagan's News Source

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Barrick Gold cuts dividend after US$8.6-billion loss due to falling metal prices

Barrick Gold's chairman and founder Peter Munk addresses shareholders at the mining company's announcement of their first quarter results in Toronto on April 24, 2013. Barrick Gold Corp. is reporting a US$8.56 billion loss and lowering its quarterly dividend in the wake of lower prices for bullion and copper, the Toronto-based company announced. THE CANADIAN PRESS/Chris Young
August 01, 2013 - 3:53 AM

TORONTO - Barrick Gold Corp. (TSX:ABX) is reporting a US$8.56 billion loss and lowering its quarterly dividend in the wake of lower prices for bullion and copper.

The Toronto-based company is recognizing an US$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 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.

News from © The Canadian Press, 2013
The Canadian Press

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