Barrick Gold Slips To Loss In Q2; Cuts Quarterly Dividend - Quick Facts

(RTTNews) - Barrick Gold Corp. (ABX, ABX.TO) reported a second quarter net loss attributable to Equity holders of $8.56 billion or $8.55 per share, compared to profit of $787 million or $0.79 per share in the year ago quarter.

The latest-quarter net loss reflected $8.7 billion in after-tax impairment charges largely driven by significant decreases in long-term metal price assumptions following the sharp declines in spot prices in the second quarter. The total charge is comprised of: $5.1 billion for the Pascua-Lama project, $2.3 billion in goodwill impairments and $1.3 billion in other asset impairment charges.

Adjusted net earnings for the quarter were $663 million or $0.66 per basic share compare to $821 million or $0.82 per basic share in the same prior year period. Analysts polled by Thomson Reuters expected the company to report earnings of $0.56 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter declined to $3.201 billion from $3.244 billion in the prior year quarter. Eiht analysts had consensus revenue estimate of $3.11 billion for the quarter.

The company said it generated strong operating cash flow of $2.0 billion in the first half of 2013 and is on track to meet 2013 production guidance at costs well below original guidance.

The company's Board of Directors has reduced the quarterly dividend to $0.05 per share as a further prudent step to improve liquidity. The dividend is payable on September 16, 2013 to shareholders of record at the close of business on August 30, 2013.