Canadian Press NewsAlert: Barrick Gold records US$3.1-billion loss, vows change - InfoNews

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Canadian Press NewsAlert: Barrick Gold records US$3.1-billion loss, vows change

In this Feb. 14, 2006 file photo, a close-up of the chest patch of a worker at Barrick's Ruby Hill Mine, outside Eureka, Nev., is shown. Barrick Gold Corp. lost more than US$3 billion in the fourth quarter after taking a massive writedown on its copper business in Africa, the company announced Thursday along with plans to make major changes in the way it does business. THE CANADIAN PRESS/AP, Douglas C. Pizac
February 14, 2013 - 3:50 AM

TORONTO, Cananda - Barrick Gold Corp. (TSX:ABX) is taking a massive writedown on its copper business, resulting in a $3.06-billion net loss in the fourth quarter. The Toronto-based mining company says it's adopting a more disciplined approach to the way it operates and doesn't plan to build any more new mines at this time. It's also looking to reduce overhead costs by more than $100 million this year.

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News from © The Canadian Press, 2013
The Canadian Press

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