Barrick Gold reports fourth-quarter loss, revenue down from year ago

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TORONTO — Barrick Gold Corp., which completed its merger with Africa-focused Randgold Resources at the start of the year, reported a loss for its fourth quarter due in part to problems at its Lagunas Norte and Veladero mines.

The gold miner, which keeps its books in U.S. dollars, says it lost US$1.2 billion or $1.02 per share for the quarter ended Dec. 31.

That compared with a loss of $314 million or 27 cents per share in the same period a year earlier.

Revenue for the quarter totalled $1.9 billion, down from $2.2 billion.

On an adjusted basis, Barrick says it earned six cents per share in the quarter, down from an adjusted profit of 22 cents per share a year earlier.

Analysts on average had expected a profit of five cents per share for the quarter, according to Thomson Reuters Eikon.

 

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